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The Latest Breaking News from Paris Club

African countries need strong development banks: how they can push back against narratives to weaken them

A quiet but consequential contest is playing out in the global financial architecture. One that could determine Africa’s ability to finance its own development.

The Conversation

Morning Digest | Telangana goes to polls today in toughest election since formation in 2014; U.S. blames Indian official for ‘plot’ against Khalistani separatist, and more

The Hindu Morning Digest gives a select list of stories to start the day. Read the top news today on November 26, 2023

The Hindu

Is a global debt bomb about to explode?

The majority of low-income nations are on the cusp of a debt crisis, sparking fears of global contagion.

Al Jazeera

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China expresses support for Sri Lanka ahead of debt meeting

China has expressed support for Sri Lanka ahead of a meeting of lenders to poor economies but gave no indication if it might help to cut debts that have plunged the Indian Ocean island nation into financial and political turmoil

The Independent UK

Ghana closes domestic debt programme as international creditors discuss next steps

Ghana’s finance ministry has announced that the country's domestic debt exchange programme has been successfully closed as foreign lenders discuss forming an official creditor committee, which would be a first step for the country to start debt relief talks as it struggles to manage its post-Covid economic crisis.

Radio France Internationale

Sri Lankan leader appeals for patience amid economic crisis

Sri Lanka’s president has appealed for patience amid the country’s worst economic crisis but promised brighter times ahead

The Independent UK

Paris Club creditors give assurances to back IMF bailout for Sri Lanka

The Paris Club of creditors has given financing assurances to support the International Monetary Fund's approval of an extended fund facility for Sri Lanka, the Sri Lankan president's office said on Tuesday.

Reuters

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Sri Lanka says debt-restructuring talks making progress

Debt-stricken Sri Lanka’s Central Bank chief says the country is making good progress in talks with its creditors to obtain financial assurances for debt restructuring, an important step toward finalizing an International Monetary Fund rescue plan

The Independent UK

China and the sovereign-debt time bomb

International capital flows have long been a major source of economic growth. Savings in higher-income countries have financed high-yielding investments in low-income countries, generating benefits for all. After World War II, capital flows under the Marshall Plan drove the rapid reconstruction of Europe, and after those countries recovered, they extended…

Bangkok Post

G20 creditors ready to discuss Ghana debt, Paris Club official says

All member countries of the G20 group economic powers are on board to discuss restructuring Ghana's debt and Paris Club members are prepared to form a creditor committee soon, an official from the Paris Club said on Thursday.

Reuters

Ghana requests G20 Common Framework debt restructuring -source

Ghana requested on Tuesday to restructure its bilateral debt under the common framework platform supported by the Group of 20 major economies, a source familiar with the situation told Reuters.

Reuters

World’s poorest countries’ debt interest payments rise 35%, report says

Report’s author, the World Bank, states concern over poor countries’ increasing spending on debt

The Guardian - UK

Pakistan finance minister says it may buy discounted Russian oil

If India buying oil from Russia, ‘we also have a right’, minister says as Pakistan aims to preserve its shrinking forex.

Al Jazeera

Zimbabwe engaging with World Bank, IMF on clearing IFI debt, says finance minister

Zimbabwe is engaging with the World Bank and International Monetary Fund on how to clear its debts with international financial institutions, finance minister Mthuli Ncube said at an IMF press conference on Saturday.

Reuters

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Reuters

Creditors say Chad does not need debt relief now given oil price surge

Chad's creditors on Thursday said they had agreed that the African country did not need debt relief at the moment given a surge in oil prices, but committed to reconvene if a financing gap was identified.

The Guardian - UK

Pakistani PM says he should not have to beg for help after catastrophic floods

Shehbaz Sharif says he wants ‘climate justice’ from rich polluting countries after monsoons put a third of his country under water

Bangkok Post

China Reins In Belt and Road Program, $1 Trillion Later

China has spent a trillion dollars to expand its influence across Asia, Africa and Latin America through its Belt and Road infrastructure program. Now, Beijing is working on an overhaul of the troubled initiative, according to people involved in policy-making.

Reuters

U.S. Treasury official criticizes China's 'unconventional' debt practices

A top adviser to U.S. Treasury Secretary Janet Yellen warned on Tuesday that China's foot-dragging on debt relief could burden dozens of low- and middle-income countries with years of debt servicing problems, lower growth and underinvestment.

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WEKU

An economic perfect storm is battering emerging markets. Debt crises loom

With a strengthening dollar and rising commodity prices, developing nations are having a hard time paying their debts.

Asharq Al-Awsat

IMF’s Georgieva Warns against ‘Complacency’ on Global Debt Problems

IMF Managing Director Kristalina Georgieva is pushing China and other Group of 20 economies to speed up debt relief for a growing number of heavily indebted countries, warning that failure to do so could unleash a damaging "downward spiral." Georgieva told Reuters it was crucial to jumpstart the largely stalled…

Reuters

Argentine commitment to IMF deal a condition for Paris Club talks - source

Argentina's new economy minister must give her commitment to an IMF programme in order for the Paris Club of creditor nations to open talks on the South American country's debt, a Paris Club source said on Thursday.

Reuters

Argentina's Paris Club talks on hold after Guzman resignation - sources

Argentina's meeting with the Paris Club group of lenders won't be held on Wednesday as planned in the French capital after former Economy Minister Martin Guzman resigned over the weekend, according to two sources with direct knowledge.

The Conversation

Triple punch of shocks threatens to upend debt sustainability and recovery in Africa

Food and fuel price increases and the aftermath of the COVID pandemic are really just the start of the story when it comes to fiscal shocks which have exacerbated government debt vulnerabilities in Africa.

Bangkok Post

Colombo needs debt mechanism mini-miracle

When the economy is going well, the poor benefit more than others. But when things are going badly, it is the poor who are hurt the most. This is especially true in the case of the Covid-19 pandemic, which has hit poor countries -- and the poorest people within them…

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