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in Short

China forgives debt for 17 African nations

China has pledged to forgive 23 interest-free loans for 17 African countries and will also provide food assistance to the struggling nations, China’s foreign minister Wang Yi has announced. “China will waive the 23 interest-free loans for 17 African countries that had matured by the end of 2021,” Mr Wang...
in Short

Ghana:S&P Global Ratings has downgraded the country’s foreign and local currency sovereign ratings to junk from B-/B to CCC+/C with negative outlook

Credit ratings agency, S&P Global Ratings has downgraded Ghana’s debt further into speculative territory, lowering the country’s foreign and local currency sovereign ratings to junk from B-/B to CCC+/C with negative outlook. In February Moody’s downgraded Ghana to Caa1 with a stable outlook. According to S&P Ghana’s outlook is negative,...
in Short

Ethiopia: S&P joins Fitch in downgrade of country on potential debt restructuring

S&P Global Ratings downgraded Ethiopia’s long-term foreign and local currency sovereign credit ratings to ‘B-’ from ‘B’ on potential debt restructuring, announcing the move days after Fitch Ratings downgraded the country. “Exacerbated by the effects of the COVID-19 pandemic, Ethiopia’s structurally weak external balance sheet has deteriorated further, in our...
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Mali The IMF continues to relieve the country’s debt

The international monetary fund announced that Mali would benefit six additional months of the relief measures concerning the debt' service. This measure was set up back in April to help the poorest countries face the pandemic. This choice to extend this service will provide to the Western African country to...
in Short

Morocco $ 2 billion raised on debt markets

The first bond issue on its sovereign debt is worth 1 billion euros ($ 1.19 billion) with a maturity of at least 5 years, Bloomberg reports. This Eurobond could extend a previous issue which matures in early October, or redeem it. The second issue worth $ 1 billion will be...
in Short

G20 grants a one-year debt moratorium for poorest countries

Faced with the health, economic and social emergency caused by the coronavirus pandemic, G20 Finance Ministers agreed on Wednesday, April 15, to grant a one-year moratorium on debt service for the poorest countries. The measure, effective May 1, will temporarily free up $14 billion from public bilateral creditors. More than...