ECUADOR: 2021 election maneuvering moves up a gear
Putative candidates are stepping up their preparations for the 2021 presidential elections, but the outlook remains clouded by uncertainty. The campaign will take place against a backdrop of a deep recession, persistent fiscal imbalances, and debt stress. Electoral unce… Become a member to read the rest of this article Username or E-mail Password Remember […]
SUB-SAHARAN AFRICA: The African Union’s push for debt restructuring
● The temporary debt moratoria for poor countries announced by the G20 and IMF are designed to buy time as the conversation around comprehensive debt restructuring is only about to take pace. ● The African Union (AU) is pushing to extend debt moratoria to more countries and call… Become a member to read the […]
Dr. Peng Telecom & Media Group: On Ventilator
Executive summary: Summary Geography China Sector Telecommunications Credit rating Caa1/WR (Moody’s/S&P) Report date 11-May-2020 Dr. Peng Telecom & Media Group Company Limited (Dr. Peng) is a guarantor of Dr. Peng Hong Kong Holding Limited, an issuer of USD5… Become a member to read the rest of this article
CHINA: Will Beijing grant debt relief to distressed foreign borrowers?
● China is likely to be flexible in re-negotiating bilateral loans to poor countries suffering from debt distress due to Covid-19. ● Beijing is concerned that the pandemic is fueling a global backlash against China, providing further incentive to take a soft line with borrower… Become a member to read the rest of this […]
NIGERIA: The CBN has its unconventional way, again
On 24 April, the Central Bank of Nigeria (CBN) apparently debited about 30 banks a total of NGN 1.47trn (USD 3.8bn) for failing to comply with regulatory thresholds. As the CBN’s monetary policy continues to oscillate between measures aimed at defending the naira and stimulating … Become a member to read the rest of […]
SOUTH AFRICA: Go big or go home
● This evening, 21 April, President Cyril Ramaphosa announced a ZAR 500bn (USD 26bn) economic stimulus plan, a massive step up from the meager fiscal and tax interventions announced to date. ● While the details of the speech will be unpicked over the next few days, we outline ke… Become a member to read […]
NIGERIA: Major policy changes unlikely following death of chief of staff
On 17 April, Abba Kyari, President Muhammadu Buhari’s chief of staff, died after having contracted Covid-19 in March. Kyari was very close to Buhari and arguably the most powerful man within the administration. Buhari is unlikely to name an official replacement any time soon but … Become a member to read the rest of […]
ARGENTINA: Facing the default cliff again
Finance Minister Martin Guzman yesterday, 16 April, unveiled the broad parameters of Argentina’s debt restructuring offer. The offer involves a three-year debt moratorium alongside a 62% reduction in interest payments; these would only resume at 0.5% in 2023 before rising in subs… Become a member to read the rest of this article
SUB-SAHARAN AFRICA: G20 to suspend bilateral debt, putting pressure on others
On 15 April, following a meeting of their finance ministers and central bank governors, the G20 announced the suspension of all bilateral debt payments for the poorest countries until the end of the year. Multilateral development banks were asked to contribute as well. While the … Become a member to read the rest of this article
GHANA: IMF support secured, but contingent liabilities persist
On 13 April, the IMF Executive Board approved the disbursement of USD 1bn under the Rapid Credit Facility (RCF), which is by far the largest disbursement from this facility to any country during the Covid-19 crisis so far. The funds will enable the government to address Ghana’s s… Become a member to read the rest […]