Where Credit is DuePub Date : 2021-11-01DOI: 10.1093/oso/9780197619971.003.0008
Gregory Smith
{"title":"Debt Scars From the Pandemic","authors":"Gregory Smith","doi":"10.1093/oso/9780197619971.003.0008","DOIUrl":"https://doi.org/10.1093/oso/9780197619971.003.0008","url":null,"abstract":"A coronavirus pandemic meant Africa suffered its first recession since the early 1990s and one of its deepest on record. These economic pressures, on top of the tragedy of illness and death, meant the pandemic would have massive socioeconomic consequences. It also left deep debt scars. In light of this reality, requests were made by African presidents and government ministers for a debt service suspension and support was provided by some official creditors. For most countries without market access, the decision to accept a temporary debt service suspension initiative (DSSI) was an easy one to make. For countries with sizeable commercial debt or market access, the decision to accept the DSSI was more complicated, mainly because the G20 term sheet hinted that private creditors would need to provide comparable treatment, which meant that any benefits of suspension needed to be weighed against concerns market access would be lost, alongside other trade-offs.","PeriodicalId":223522,"journal":{"name":"Where Credit is Due","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124598106","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Where Credit is DuePub Date : 2021-11-01DOI: 10.1093/oso/9780197619971.003.0002
Gregory Smith
{"title":"Rising Debts With a New Composition","authors":"Gregory Smith","doi":"10.1093/oso/9780197619971.003.0002","DOIUrl":"https://doi.org/10.1093/oso/9780197619971.003.0002","url":null,"abstract":"Debt levels soared across advanced, emerging, frontier, and developing economies. Africa was no exception to this trend, as a faster pace of government borrowing from 2010 resulted in much higher government debt levels. The debt landscape also changed, with several events having affected the composition of the debt stocks. The first was the clean slate provided by the long-awaited debt relief from official lenders in the 2000s. The second was the increased borrowing options provided by emerging nations. The third was the broader access of African countries to global capital markets.","PeriodicalId":223522,"journal":{"name":"Where Credit is Due","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124861399","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Where Credit is DuePub Date : 2021-11-01DOI: 10.1093/oso/9780197619971.003.0004
Gregory Smith
{"title":"China’s Lending to Africa","authors":"Gregory Smith","doi":"10.1093/oso/9780197619971.003.0004","DOIUrl":"https://doi.org/10.1093/oso/9780197619971.003.0004","url":null,"abstract":"China scaled-up its lending and became the most prominent bilateral lender to Africa. China gained favor as a development partner due to its policy of non-interference and as a lender that can move faster than others. But this speed and ambivalence has also exposed it to a second shortcoming of too few questions being asked. China’s lending has attracted criticism, both from within African countries and from China’s rival global powers who have been watching it scale-up its engagement The main concerns for the west was the volume of Chinese lending and what China really wanted in return. China’s lending practices evolved as it found itself in more discussions with African countries about a greater magnitude of debt relief.","PeriodicalId":223522,"journal":{"name":"Where Credit is Due","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132247907","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Where Credit is DuePub Date : 2021-11-01DOI: 10.1093/oso/9780197619971.003.0011
Gregory Smith
{"title":"More Debt Benefits, Less Burden","authors":"Gregory Smith","doi":"10.1093/oso/9780197619971.003.0011","DOIUrl":"https://doi.org/10.1093/oso/9780197619971.003.0011","url":null,"abstract":"Increasing debt risks suggest African countries’ hard-won market access should not be taken for granted over the next decade. While debt crises, defaults, and severe restructurings would not leave African countries shut out of the markets forever, there could be a long wait with appetites for investment taking many years to return. There are six ways borrowing can be improved to better finance urgently needed investment with less risky lending while preserving market access. Step one: deliver on debt transparency. Step two: deepen domestic debt markets. Step three: generate more flexible financing. Step four: provide market access parachutes. Step five: ensure tighter use of proceeds. Step six: make a solid plan, and build a sustainable brand.","PeriodicalId":223522,"journal":{"name":"Where Credit is Due","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114612923","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Where Credit is DuePub Date : 2021-11-01DOI: 10.1093/oso/9780197619971.003.0007
Gregory Smith
{"title":"Risks of Financial Market Debt","authors":"Gregory Smith","doi":"10.1093/oso/9780197619971.003.0007","DOIUrl":"https://doi.org/10.1093/oso/9780197619971.003.0007","url":null,"abstract":"Although markets can be a useful source of financing, their loyalty is not guaranteed. Sentiment can shift quickly if a sovereign’s policies change, its outlook deteriorates, or even if something goes wrong in another part of the globe. African countries can often find themselves shut out of the markets during a bout of global risk aversion. The strength of market access varies across African sovereigns and can be assessed by looking at credit ratings, bond yields and bond spreads. The positives and negatives of market access need to be carefully weighed.","PeriodicalId":223522,"journal":{"name":"Where Credit is Due","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123808734","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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