From the article:
“…China’s government, banks and companies lent some $143 billion to Africa between 2000 and 2017, according to Johns Hopkins University, and African governments have raised over $55 billion on international debt markets in the past two years, the culmination of a decade-long spree of Eurobond issues.
Throw in debt held by other banks, commodity traders and even so-called vulture funds, and Africa’s creditor landscape has become far more complex.
That means debt relief frameworks of the past may fail to ease the pressure on government finances unless private lenders are flexible, bondholders consider waiving repayments or interest and China works closely with Western institutions that have often criticized its lending practices, experts say.’
The complicated structure makes it harder, undoubtedly. But let’s do what we can,’ Masood Ahmed, president of the Center for Global Development in Washington, told Reuters.
A former IMF and World Bank official, Ahmed oversaw the development of the HIPC initiative and thinks those institutions need to secure a debt moratorium under the direction of the Group of 20 (G20) major economies…”
