China to Kenya: It's Payback Time

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Manage episode 299143964 series 2902591
Van The China Africa Project, Eric Olander, and Cobus van Staden, ontdekt door Player FM en onze gemeenschap - copyright toebehorend aan de uitgever, niet aan Player FM. Audio wordt direct van hun servers gestreamd. Klik de abonneren-knop aan om updates op Player FM te volgen of plak de feed URL op andere podcast apps.
Kenya's National Treasury has resumed debt repayments to China after a 6-month debt deferral period expired in June. The Kenyan government had hoped to be able to extend that through the end of the year but Chinese creditors, namely the China Exim Bank, did not like that idea at all. Apparently, things got so bad that Chinese creditors halted disbursements for projects that are underway right now in Kenya.... bringing construction to a halt in some cases. Kenya's Foreign exchange reserves dropped by $249 million dollars between July 15 and the 21st. No one has explained where that money went but it's presumed that was the first debt payment sent to China this year. And this is only the beginning. For the 2021-2022 fiscal year that just started, Kenya is scheduled to transfer $1.1 billion to meet its debt servicing obligations with China. The China Africa Project's new Africa Editor, Cliff Mboya, joins Eric & Cobus this week from Nairobi to discuss the resumption of Kenya debt payments to China and what it says about the current state of China-Africa relations more broadly. JOIN THE DISCUSSION: CAP on Facebook: www.facebook.com/ChinaAfricaProject Twitter: @eolander | @stadenesque | @c4mboya Purchase a copy of Lina's book: Shaping the Future of Power: Knowledge Production and Network-Building in China-Africa Relations SUBSCRIBE TO THE CHINA AFRICA PROJECT Your subscription supports independent journalism. Subscribers get the following: 1. The world's only curated China-Africa News Feed with thousands of articles archive 2. Exclusive analysis of the day's top stories about China in Africa and the Global South 3. A copy of the popular China-Africa Daily Brief newsletter delivered to your inbox by 6am Washington time M-F Try it free for 30-days and see if you like it. Subscriptions start at just $7 a month for students and teachers and $15 a month for everyone else. Subscribe here: www.chinaafricaproject.com/subscribe

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