Protegido: The Developing World’s Coming Debt Crisis
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Deborah Brautigam
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The pandemic has worsened Africa’s debt crisis. China and other countries are stepping in
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 »
What does China's shock yuan devaluation mean for Africa?
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 »