Deborah Brautigam

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A branch of a commercial bank in Beijing, January 2016. Kim Kyung-Hoon / Reuters

InternacionalEconomía

In April 2020, with the global economy going into free fall, the risk of developing countries defaulting on their debts grew acute. The leaders of the G-20—a group of the world’s largest economies—quickly put in place an initiative that would suspend debt service payments for the government-to-government loans of 73 poor countries. The support afforded poor countries breathing room during the pandemic. That initiative ended in December 2021, succeeded by a program called the Common Framework, which brings G-20 governments together with the 22 members of the Paris Club, an informal group of mostly wealthy creditor countries established in 1956 to act collectively on debt relief requests.…  Seguir leyendo »

A man passes a shop decorated with Chinese yuan bank notes and other currency in Hong Kong, in 2019. The pandemic's economic fallout has left low-income countries in Africa struggling to repay or restructure their debt. (Kin Cheung/AP)

MundoÁfrica

With the coronavirus crisis exacerbating economic crisis in Africa’s low-income countries, economists and other experts argue that debt relief is essential. While the Trump administration and others have been skeptical about China’s willingness to offer debt relief, our research shows that these fears may be overblown.

Chinese banks offered African countries significant debt restructuring before the pandemic and have continued to do so. On Capitol Hill, the idea of cooperation with China remains unfashionable. Yet on U.S. policymaking related to Africa, understanding how Chinese financial institutions operate in Africa may help inform the debate on the ways to help Africans recover from the economic fallout of the pandemic.…  Seguir leyendo »

MundoÁfricaMundoAsiaInternacionalEconomía,

China's development decisions are critically important for Africa. In Lagos, Addis and Johannesburg, China's surprise yuan devaluation has African analysts scratching their heads.

Obviously Chinese goods will be cheaper in Africa, and African exports more expensive in China. So far, this decision is just a tremor, not a quake. Yet why did China devalue, and what is this likely to mean for Africa?

To understand China's devaluation, we need to take a step back. Beijing has been trying to manage China's enormous structural transformation ever since Chinese leaders made their historic decision to move out of poverty by turning to the market in the late 1970s.…  Seguir leyendo »