IN DECEMBER 2023, Ethiopia became the third African country in as many years to default on its global debt payment. It was supposed to pay $33 million to holders of the country's only international government bond on December 11 but failed to do so even after the 14-day grace period ended on December 25. Zambia and Ghana are the other two countries to have defaulted on their debt since 2020.
Several African nations are faced with a debt crisis. Many of them have faced downgrades from prominent credit rating agencies in the past five years. These nations include Kenya, Morocco, Nigeria, Ghana and Egypt. Speaking at the World Economic Forum in Davos on January 17, Nonkululeko Nyembezi, chairperson of Standard Bank Group, the continent's biggest bank by assets, said that sovereign-debt crisis is the biggest issue facing Africa. Sample these cases. Nigeria is in talks to secure as much as $1.5 billion in budget support from the World Bank. Zambia's bilateral creditors have rejected a plan to restructure its $3 billion in Eurobonds-a debt instrument issued in a currency other than that of the home country or market. Kenya has secured $685 million from the International Monetary Fund and raised a $210 million loan from the Trade and Development Bank before its $2 billion Eurobond repayment is due in five months.
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Denne historien er fra February 16, 2024-utgaven av Down To Earth.
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THE CIRCULARITY ARGUMENT
A circular economy can help India achieve its developmental aspirations while following the low-carbon pathway. It will also help address the challenges of waste management, pollution and overexploitation of natural resources. Industries are already innovating to reuse high-volume wastes and have shown that the transition can usher in both environmental and financial windfalls
Banking on flawed drug voluntary licences
The Medicines Patent Pool is pushing for more VLs, but its bad deal with Novartis on a cancer drug shows the pitfalls
Lasting solutions
For the first time, the UN has recognised the role of indigenous communities in tackling aridity. A repository of traditional knowledge India has the wherewithal to lead the way
IMD at 150
India's journey into modern weather forecasting took a decisive turn 150 years ago with the establishment of India Meteorological Department during the British rule. The agency has come a long way since then, shaping the way the country predicts and responds to its diverse climate challenges
Every drop counts
In drought-prone Marathwada region, 14 villages have managed to counter water shortage by budgeting the resource
Threat to survival
Hollongapar Gibbon Sanctuary in Assam faces ecological challenges as railway electrification and hydrocarbon exploration endanger its fragile biodiversity
'Migration is going to be a battlefield'
AMITAV GHOSH is one of the foremost chroniclers of our times. His literary sojourn includes writings on topics that range from languages to climate change to human lives. His latest book, Wild Fictions, brings some of his works on these issues under one title. In a conversation with RAJAT GHAI, Ghosh shares his views on the future of human movement. Excerpts:
Face of future
California wildfires confirm forest fires are intensifying in a hotter world, emitting substantial amounts of greenhouse gases and reinforcing global warming
Friends of the forest
Residents of 30 villages in Uttarakhand establish a model for public participation in saving forests from wildfires
Climate-crazy playbook
Just hours after his second (and final) term began on January 20, US President Donald Trump unleashed 46 presidential actions. Several of these are centred on the US' climate commitments, energy transition, migration and trade policies, and are likely to have negative global implications
