News & Analysis: G20

Africa Needs Its Own “New Deal”

“Africa requires a ‘New Deal’ approach to debt relief and economic recovery, a mechanism to provide jobs and infrastructure that helps African economies recover from the worst recession since the Great Depression. As Roosevelt’s New Deal focused on much-needed job creation, a similar plan could be adopted in Africa.”

via Fair Observer

The Unfinished Agenda of Financing Africa’s COVID-19 Response

“The continent’s pandemic-response funding gap is likely to amount to some $100 billion annually over the next three years. The international community – especially the G7, the G20, and multilateral development banks – must take bold, innovative, and expeditious action to close it.”

via Project Syndicate

Africa’s gathering debt storm

“Without rapid and vastly increased external help to weather the COVID-19 storm and ease their debt-service burden, many African economies could collapse. This would directly affect the rich world in ways for which it is not prepared.”

via SAIIA

G20 debt relief for Africa may be too little too late as pandemic takes toll

“Economic Commission for Africa negotiator says she is not aware of any African countries gaining from China debt relief under G20 deal. Eligible countries spend US$92 million a day on debt payments when they could be tackling pandemic-related crises.”

via South China Morning Post

As COVID-19 spreads, Africa needs another ‘London Moment’

“Last month’s Group of Twenty finance ministers’ meeting proved that the international community is too cautious about helping Africa in its time of need. The ministers failed to extend a debt-service moratorium through 2021, and they offered no other assistance even as COVID-19 spreads across Africa, stretching health care systems and destroying livelihoods.”

via Atlantic Council

A state of disconnect

“African treasuries are putting a positive spin on their own finances, but the message from the markets is grim. Something has to give.”

via Africa Confidential

The developing world faces a health, economic and security crisis that will dwarf the impact of COVID-19

“It would be a mistake to ignore the problems brewing abroad, particularly in low income countries and fragile states. It is here that the poorest, most vulnerable members of our global community are most likely to be found. Unless the international community acts to help them now, we should be prepared for human tragedies far more brutal and destructive than the direct health impacts of the virus.”

via The Telegraph

Private lenders need to step up on African debt relief

“The impasse between the G-20 and international financiers has bolstered the position of Chinese lenders, who hold an additional $64 billion of disbursed credits in Africa alone, and who also are pursuing painstaking restructuring talks. Taken together, the position of the Chinese and the financiers could make it harder for African governments to respond to the pandemic.”

via Atlantic Council

As Africa Faces COVID-19, Chinese Debt Relief is a Welcome Development

“Given the scale of Africa’s debt crisis, it should be taken as a great reassurance that China, its largest official lender, has warmed to the idea of cancellations.”

via Council on Foreign Relations

Not much give from China in its relationship with Africa

“Despite a warm African response to the recent ‘Extraordinary China-Africa Summit on Solidarity Against COVID-19’, not much new came out of the virtual meeting. Crucially, there was no movement on cancellation of the $150bn in concessional loan debt.”

via SAIIA