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DR Congo Receives First Shipment of Chinese COVID Vaccines

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WEEK IN REVIEW: The G77 Bloc of Countries Together With China To Propose a New “Loss and Damage” Fund at the COP27 Summit

The G77 bloc of countries together with China is reportedly going to propose a new “loss and damage” fund at the COP27 summit to provide finance to poor countries impacted by climate disasters.  The fund appears to be a repackaged version of the failed “climate adaptation fund” that wealthy countries balked at financing. Supporters say they hope the new initiative will be established before the next round of climate talks in Dubai in 2023.  (REUTERS) U.S. Ambassador to Zambia Michael Gonzales called on all of Zambia’s creditors to accept debt write-offs.  Although he didn’t specifically mention Chinese creditors that own more than a third of Zambia’s external debt, he did say there was a “stinky debt’. “There’s a lot of shenanigans that went into the debt that the Zambian people are now saddled with for a generation,” he said during a Sunday interview on state television. (BLOOMBERG) Get a daily email packed with the latest China-Africa news and analysis. ...
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African Leaders Renew Calls for Urgent Debt Relief and Financial Assistance

Leaders from several of Africa’s largest countries including  South Africa ,  Kenya , and  Ethiopia  renewed their urgent appeals on Tuesday for debt relief, debt cancellation, and immediate financial assistance from the international community to help support economies across the continent amid the increasingly dire economic crisis. What’s notable about the latest pleas from South African President Cyril Ramaphosa, Kenyan President Uhuru Kenyatta and Ethiopian Prime Minister Abiy Ahmed is how familiar they are. Since March, when the pandemic worsened in Africa, these and other African leaders have repeatedly issued similar appeals, all to little or no effect. Here’s a summary of their requests: Extend the G20’s Debt Service Suspension Initiative through 2021. Provide an immediate cash injection of between $100-$150 billion to assist African economies facing liquidity challenges. Issue new IMF Special Drawing Rights that would provide additional capital to the ...
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