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Toby Melville - 1 Ryan Straughn - 1 Straughn - 1 We've - 1 Rachel Savage - 1 Marc Jones - 1 Aurora Ellis - 1
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Bridgetown Barbados Rights MARRAKECH Morocco Marrakech
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3 mentions found


☆ Barbados eyeing 'debt-for-climate' swap early next year, finance minister says
  + stars: | 2023-10-10 | by ( Rachel Savage Marc Jones | Rachel Savage | Marc Jones | ) www.reuters.com   time to read: +2 min
REUTERS/Toby Melville/File Photo Acquire Licensing RightsMARRAKECH, Morocco, Oct 10 (Reuters) - Barbados is hoping to execute a "debt-for-climate" swap early next year to secure savings of around $300 million over a 15 year period to fund clean water supplies, the island state's finance minister told Reuters on Tuesday. In September 2022, Barbados carried out a "debt-for-nature" swap, which saw $150 million of international bonds swapped for cheaper debt, generating $50 million for marine conservation. The savings from the island's mooted "debt-for-climate" swap will be used to upgrade a water treatment plant to help better manage water resources and improve food security, Straughn said. Barbados's previous debt-for-nature swap funnelled money towards protecting and rehabilitating the surrounding Caribbean sea. A debt-for-climate swap would be an almost completely new concept, though, and one that other climate change vulnerable countries are likely to want to explore.
Persons: Toby Melville, Ryan Straughn, Straughn, We've, Rachel Savage, Marc Jones, Aurora Ellis Organizations: REUTERS, Rights, Inter, American Development Bank, European Investment Bank, International Monetary Fund, Thomson Locations: Bridgetown, Barbados, Rights MARRAKECH, Morocco, Marrakech
☆ Nigeria's bonds tumble after Moody's rating downgrade
  + stars: | 2023-01-30 | by ( Rachel Savage Marc Jones | Rachel Savage | Marc Jones | ) www.reuters.com   time to read: +2 min
JOHANNESBURG, Jan 30 (Reuters) - Nigeria's government bonds fell heavily on Monday after ratings agency Moody's downgraded the West African oil producer late on Friday to Caa1 from B3, saying the government's fiscal and debt position was expected to keep deteriorating. Longer-dated bonds were down the most, with the dollar-denominated 2051 Eurobond falling more than 2.8 cents in the dollar to 68.758 cents according to Tradeweb data . Nigeria's bonds had outperformed other African and emerging market issuers over the last six months, according to JPMorgan. "Immediate default risk is low, assuming no sudden, unexpected events such as another shock or shift in policy direction," Moody's added. Moody's said it expects just the interest payments on Nigeria's debt to take up about half of the government's revenue in the medium term, up from 35% in 2022.
☆ Explainer: Who holds Ghana's debt and what restructuring is planned?
  + stars: | 2022-12-09 | by ( Rachel Savage Marc Jones | Rachel Savage | Marc Jones | ) www.reuters.com   time to read: +5 min
The cedi has lost more than 50% of its value this year , pushing up the cost of Ghana's external debt. Interest payments alone absorb between 70 and 100% of the government's revenuesHOW BIG IS GHANA'S DEBT? Ghana's public debt was 467.4 billion cedis ($37.4 billion) in September, of which 42% was domestic debt, according to the most recent central bank figures released last month. Ghana's debt-to-GDPWHO OWNS GHANA'S DEBT? The fund is yet to comment on Ghana's debt sustainability or domestic bond exchange plans.
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