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☆ Oxford malaria vaccine rollout could have 'major' implications in sub-Saharan Africa, economist says
▼ + stars: | 2023-04-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

The University of Oxford Jenner Institute, which developed the vaccine, estimates that malaria kills around 800,000 people per annum. These casualties occur predominantly in sub-Saharan Africa, where one in five childhood deaths is associated with the disease. The WHO assessed that 241 million clinical cases of malaria occurred in 2020, resulting in 627,000 deaths, mostly among children in Africa. A health worker vaccinates a child against malaria in Ndhiwa, Homabay County, western Kenya on September 13, 2019 during the launch of malaria vaccine in Kenya. Brian Ongoro | AFP | Getty ImagesIn 2021, the WHO signed off on GSK's RTS,S malaria vaccine for rollout across sub-Saharan Africa, following pilot programs in Ghana, Kenya and Malawi, which tracked 800,000 children since 2019.

REUTERS/Lindsey WassonLONDON, April 20 (Reuters) - People all over the world lost confidence in the importance of routine childhood vaccines against killer diseases like measles and polio during the COVID-19 pandemic, according to a new report from UNICEF. In 52 of the 55 countries surveyed, the public perception of vaccines for children declined between 2019 and 2021, the UN agency said. The picture on vaccine confidence varied globally, according to the UNICEF report, its flagship annual State of the World's Children. The report stressed that vaccine confidence can easily shift and the results may not indicate a long-term trend. The data was collected by the Vaccine Confidence Project at the London School of Hygiene and Tropical Medicine.

☆ Yellen raps China for serving as 'roadblock' in debt restructuring process
▼ + stars: | 2023-04-20 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Yellen said the United States expected China to make good its pledge to work constructively on issues such as debt relief and climate change, noting that delays in restructuring raised costs for both borrowers and creditors. IMF chief Kristalina Georgieva said on Friday that the new Global Sovereign Debt Roundtable had made "tangible progress" on debt restructuring issues. "China's participation is essential to meaningful debt relief, but for too long it has not moved in a comprehensive and timely manner. The United States and China - as the world's largest economies - had a responsibility to work together to help emerging markets and developing countries facing debt distress, she said. Yellen said Washington was working with other stakeholders to improve the Group of 20's Common Framework process for low-income countries and the overall debt treatment process, adding, "Solving these issues is a true test of multilateralism."

☆ 'We should be worried': Finance leaders warn rising interest rates are squeezing low-income countries
▼ + stars: | 2023-04-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Ernest Ankomah/Getty ImagesLeaders of several global financial bodies warned that rising interest rates are increasing pressure on low-income developing countries, around 60% of which are now in or at high risk of debt distress. A lot of the debt accrued by low-income countries is coming due over the next couple of years, however, and rising interest rates mean these countries will find it increasingly difficult to meet their repayments. As such, van Trotsenburg called for "renewed solidarity with developing countries" from international bodies and major economies not just in the form of words, but with increased resources. "That's actually something that we raised a decade ago when we saw a rapid rise in the indebtedness levels of low-income countries. Diop said establishing a firm path toward economic growth in developing economies would enable them to generate investment and stand a better chance of meeting future loan obligations.

☆ Africa needs more help with climate change, debt and food crises
▼ + stars: | 2023-04-15 | by ( Joe Bavier | ) www.reuters.com time to read: +3 min

WASHINGTON, April 15 (Reuters) - Africa is struggling with the triple shock of rising debt burdens, an ongoing food crisis and climate change fallout and needs more help from international institutions and wealthy nations to cope, African finance ministers said on Saturday. "African countries are really victims. The trio were speaking on behalf of the continent's finance ministers. The African finance ministers, meanwhile, called for a G20-backed framework aimed at helping countries restructure burdensome debt to go further. Two African countries - Zambia and Ghana - have already defaulted on their sovereign debt since the start of the pandemic.

☆ Exclusive: To measure progress on sovereign debt, look to actual deals -World Bank's Malpass
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +3 min

Speaking a day after the first meeting of a new sovereign debt roundtable, Malpass told Reuters several other issues still needed to be resolved, including China's previous insistence that multilateral development banks also accept losses as part of debt restructuring deals. "Progress in debt restructurings will be measured by actual countries that achieve a restructuring. Reuters reported Beijing was poised to drop its demand that multilateral development banks share in debt restructuring losses, partly in exchange for the IMF and World Bank providing earlier access to their debt sustainability analyses for countries receiving debt treatments. China had also raised concerns about how to deal with domestic debt restructuring and how to treat project loans and projects with dedicated revenues, he said. Private sector creditors who also participated in Wednesday's meeting had indicated that they would want to participate in debt restructuring deals as part of their fiduciary responsibility, Malpass said, calling that a positive development.

☆ Analysis: No China, no deal: Bid to break sovereign debt logjams gets weary thumbs up
▼ + stars: | 2023-04-13 | by ( Libgeorge Marc Jones | Marc Jones | ) www.reuters.com time to read: +6 min

LONDON, April 13 (Reuters) - The latest bid by the world's leading institutions and creditors to speed up debt restructurings and get bankrupt countries back on their feet has been greeted by a mix of cautious optimism and weary scepticism by veteran crisis watchers. The somewhat loose framework around sovereign restructurings has seen Beijing seek to influence the traditional rules of engagement in these processes. The Common Framework platform introduced by leading G20 nations in 2020 aimed to bring all creditors, including China, together and streamline negotiations. Anna Ashton, director of China research at Eurasia Group, said this week’s developments underscored the benefits for China to give some ground on some of its concerns. "China is a difficult partner to talk to but we need China at the table for the solution of debt problems, because otherwise we won't see any progress," Lindner said.

REUTERS/Ken CedenoWASHINGTON, April 12 (Reuters) - Zambia could lose gains achieved so far from macroeconomic reforms if its ongoing debt restructuring is further delayed, Treasury Secretary Felix Nkulukusa said on Wednesday. The next IMF payout to Zambia from the loan is contingent upon its bilateral creditors reaching an agreement on the long-delayed debt restructuring. The country recently completed the first review of the programme, and the next one is expected in about three months. Ceyla Pazarbasioglu, director of the IMF's Strategy Policy and Review Department, was more optimistic about Zambia's debt restructuring during the panel. The IMF official said that creditors have asked to share and exchange information "sooner" during debt restructuring talks, and added that the Washington-based lender is willing to do so.

☆ Sovereign debtors, creditors agree on steps to jumpstart debt restructurings
▼ + stars: | 2023-04-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

WASHINGTON, April 12 (Reuters) - Global creditors, debtor nations and international financial institutions on Wednesday agreed to improve data sharing, set clearer timetables and take other steps aimed at jumpstarting debt restructuring processes. Reuters reported Beijing was poised to drop its demand that multilateral development banks share in debt restructuring losses, partly in exchange for the IMF and World Bank providing earlier access to their debt sustainability analyses for countries receiving debt treatments. The statement said the debt roundtable participants agreed on the importance to urgently improve information sharing on macroeconomic projections and debt sustainability assessments in debt treatment cases. "This work will also help in clarifying potential timetables to accelerate debt restructurings," the statement said. It said the IMF, World Bank and the G20 presidency will continue to work closely together and with other partners to further support the international response to current debt challenges.

☆ No China, no deal: Bid to break sovereign debt logjams gets weary thumbs up
▼ + stars: | 2023-04-13 | by ( Libgeorge Marc Jones | Marc Jones | ) www.reuters.com time to read: +6 min

☆ Sovereign debtors, creditors agree steps to jumpstart debt restructurings
▼ + stars: | 2023-04-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, April 12 (Reuters) - Global creditors, debtor nations and international financial institutions on Wednesday agreed to improve data-sharing, set clearer timetables and take other steps aimed at jumpstarting debt restructuring processes. "The discussion focused on the actions that can be taken now to accelerate debt restructuring processes and make them more efficient, including under the G20 Common Framework," the statement said. Participants agreed on the importance to urgently improve information sharing on macroeconomic projections and debt sustainability assessments in debt treatment cases, the statement said. "This work will also help in clarifying potential timetables to accelerate debt restructurings," the statement said. It said the IMF, World Bank and the G20 Presidency will continue to work closely together and with other partners to further support the international response to current debt challenges.

Kenya, along with other African frontier market nations, has been frozen out of international capital markets since early last year. However, it expects $250 million from syndicated loans this month and a $1 billion budgetary support loan from the World Bank in May, Njoroge said. "This compensates for the $1.2 billion we couldn't get from the market last year." Njoroge said Kenya is also seeking a new loan under the Fund's Resilience and Sustainability Trust (RST) to help countries ensure sustainable growth. Stubbornly high inflation that provoked a larger than expected rate hike last month was largely due to high food prices.

Oxford scientist Adrian Hill said Ghana's drug regulator has approved the vaccine domestically for the age group at highest risk of death from malaria - children aged 5 months to 36 months. Oxford has a deal with Serum Institute of India to produce up to 200 million doses of the vaccine - known as R21 - annually. "This shows how close the world is to having a second approved vaccine to fight malaria," he said. MEETING THE NEEDThe first malaria vaccine, Mosquirix from British drugmaker GSK (GSK.L), was endorsed by the WHO last year after decades of work. Since it began in 2019, 1.2 million children across the three countries have received at least one dose of the Mosquirix vaccine.

☆ G7 to discuss digital currency standards, crypto regulation
▼ + stars: | 2023-04-11 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

"As a priority of this year, the G7 will consider how best to help developing countries introduce CBDC consistent with appropriate standards, including the G7 public policy principle for retail CBDC," he said. Outside the G7, China has been leading the pack on issuing a digital currency. G7 central banks have set common standards toward issuing CBDCs as some proceed with experiments. The collapse of crypto exchange FTX last year "was a serious wake-up call" for policymakers to create regulation across borders, he said. Reporting by Leika Kihara in Tokyo; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON, April 11 (Reuters) - China is expected to drop its demand for multilateral development banks to share losses alongside other creditors in sovereign debt restructurings for poor countries, breaking a major roadblock to debt relief, a source familiar with the plans said on Tuesday. The development is expected at a high-level sovereign debt roundtable on Wednesday on the sidelines of the World Bank and International Monetary Fund Spring meetings in Washington. She also said the World Bank was being asked to show how it could be a net positive provider of financing and concessional loans. She added that an April 3 deputies meeting for the sovereign debt roundtable went well. DEBT DISCUSSIONSThe IMF, World Bank and India, current president of the G20, are co-chairing the Global Sovereign Debt Roundtable with a goal of accelerating debt relief for countries in need.

WASHINGTON, April 11 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Tuesday she is optimistic China will agree on certain technical aspects of debt restructuring for poor countries during the first full-fledged meeting of a sovereign debt roundtable of creditor and debtor countries. "I've been encouraged by China's willingness to provide specific assurances with respect to Sri Lanka. I regard that as a positive sign," Yellen told a news conference at the start of the International Monetary Fund and World Bank spring meetings. "I'm hopeful that we will actually get a bit of progress coming out of this first meeting of the sovereign debt roundtable on a set of technical issues that I think pertain to some important elements of debt restructuring," she said. The IMF, World Bank and India, current president of the G20, are co-chairing the Global Sovereign Debt Roundtable with a goal of accelerating debt relief for countries in need.

☆ Yellen says vigilant to downside economic risks, but don't 'overdo the negativism'
▼ + stars: | 2023-04-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

REUTERS/Elizabeth FrantzWASHINGTON, April 11 (Reuters) - U.S. Treasury Secretary Janet Yellen on Tuesday said she remained vigilant to downside risks facing the global economy, given Russia's ongoing war against Ukraine and banking pressures, but the overall outlook was "reasonably bright." Yellen, speaking at a news conference, pushed back against warnings by the International Monetary Fund of bigger risks associated with severe financial tensions. "I wouldn't overdo the negativism about the global economy," Yellen said, when asked about a slightly trimmed IMF global growth forecast for 2023 which warned that a flare-up of financial system turmoil could slash output to near recessionary levels. She said the U.S. banking system remained sound, with strong capital and liquidity positions, and the global financial system is resilient due to the significant reforms enacted after the 2008 financial crisis. Yellen told reporters the global economy was in a better place than projected last fall, with energy and food prices having stabilized and supply chain pressures continuing to ease.

☆ Yellen says vigilant to downside risks given war in Ukraine, banking pressures
▼ + stars: | 2023-04-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, April 11 (Reuters) - U.S. Treasury Secretary Janet Yellen said she remained vigilant to downside risks facing the global economy, given the negative economic consequences of Russia's war against Ukraine and recent pressures on banking systems in the United States and elsewhere. A price cap on Russian oil was helping to stabilize global energy markets while reducing Russia’s primary source of revenue, she added. The U.S. banking system remains sound, with strong capital and liquidity positions, and the global financial system is resilient due to the significant reforms enacted after the 2008 financial crisis, she said. DEBT OVERHANGYellen said high debt burdens posed a "significant economic headwind for too many countries," with more than half of all low-income countries near or in debt distress, and called for steps to improve the international debt restructuring process. Yellen also called for completion of a debt treatment for Zambia and the rapid establishment of a creditor committee for Ghana.

☆ Guest view: “1% for 1.5C” can power green finance
▼ + stars: | 2023-04-11 | by ( Mahmoud Mohieldin | ) www.reuters.com time to read: +6 min

Developing countries excluding China require approximately $2 trillion annually by 2030, as per the Finance for Climate Action report. But current arrangements to get climate finance from developed to developing states are inefficient, insufficient and unfair. The difference could be subsidized in part through the as-yet unpaid portion of the promised $100 billion climate finance pledge, estimated conservatively at $20 billion annually. And it helps minimize developing countries’ indebtedness, in comparison to the current practice. The scheme would also unlock concessional funds for adaptation and resilience projects, which relative to the mitigation of emissions remains the Cinderella of climate finance, attracting less than 10% of global climate finance.

☆ China in talks on emerging economy debt workout compromise -WSJ
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

April 11 (Reuters) - China is negotiating a compromise plan with other major creditors that could help break a logjam in debt-relief talks for struggling developing nations, the Wall Street Journal reported on Tuesday. Negotiations could then move on to the details of Zambia’s debt restructuring, such as extending repayment deadlines and lowering interest rates. China continues to oppose taking losses on the face value of its loans, people close to Beijing’s decision-making told the paper. Top officials from China will attend the World Bank and International Monetary Fund spring meetings in Washington this week, their first attendance in person in three years after COVID-19 curbs limited them to virtual participation. The Chinese officials are expected to take part in Wednesday's Global Sovereign Debt Roundtable meeting to discuss the matter.

☆ Europe cannot turn its back on China, Spanish minister says
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

MADRID, April 11 (Reuters) - Europe cannot ignore China's role as a key trading partner and important geopolitical player that could help put an end to the war in Ukraine, or provide debt relief for low-income countries, Spanish Economy Minister Nadia Calvino said on Tuesday. "We need to use the time to reinforce our common safety net protecting most vulnerable countries ... and here again we cannot just ignore China. Top officials from China will make their first in-person attendance at the Washington meetings in three years. Calvino said she hoped to deliver good news on debt relief to these countries later this year. Reporting by David Latona and Belen Carreno; Editing by Andrei Khalip and David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Debt crunch looms for weaker economies with a wall of bond maturities ahead
▼ + stars: | 2023-04-10 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +5 min

"A more prolonged period without market access would be of more concern for the lower-rated tiers of the emerging markets sovereign universe," said James Wilson, EM sovereign strategist for ING. Tapping international debt markets hasn't been a problem across the board for emerging economies. The JPMorgan's emerging markets bond index (EMBI) for high yield debt is at 900 basis points over U.S. Treasuries, and has largely remained over 800 bps since the beginning of last year. The Russia conflict and then the Fed hiking cycle led to higher spreads for a much longer period," said Gregory Smith, emerging markets fund manager at London-based M&G Investment. A weaker U.S. dollar should help countries to tap international markets in the medium term, but recent data fueled jitters that restrictive central bank policies could push the global economy into recession.

☆ Yellen to push for 'speedy' action on debt relief for Zambia, Ghana
▼ + stars: | 2023-04-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, April 10 (Reuters) - U.S. Treasury Secretary Janet Yellen will push this week for urgent resolution of requests by Zambia and Ghana for restructuring of their sovereign debts, and moves to conclude a debt treatment for Sri Lanka, Treasury said on Monday. "During the week, Secretary Yellen will ... maintain urgency for the speedy resolution of Common Framework cases like Zambia and Ghana to remove debt overhangs and foster growth in developing countries," Treasury said. Sri Lanka, Zambia and Ghana have already defaulted on their overseas debt and are working towards debt reworks with creditors. Yellen will discuss the debt issue in separate meetings with officials from the G20 group of major economies and the Global Sovereign Debt Roundtable on Wednesday, the official said. The official expressed hope the global sovereign debt roundtable meeting on April 12 would yield "actual accomplishments," the official said.

☆ U.S. Seeks Ways to Help Burkina Faso’s Military Junta Fight Jihadists
▼ + stars: | 2023-04-08 | by ( Michael M. Phillips | ) www.wsj.com time to read: 1 min

ACCRA, Ghana—The Biden administration is quietly helping Burkina Faso’s ruling junta battle al Qaeda and Islamic State in a hotly contested corner of West Africa, without running afoul of U.S. laws banning most security aid to military regimes. The U.S. has included Burkinabe commandos in American-led exercises, but excluded the West African country’s top officer from an international gathering of defense chiefs after a military takeover last year. The Pentagon has a team of U.S. Green Berets stationed in Ouagadougou, Burkina Faso’s capital, but won’t allow them to train their beleaguered local counterparts.

☆ Vice President Harris to announce major U.S. order for community solar power
▼ + stars: | 2023-04-06 | by ( Emma Newburger | ) www.cnbc.com time to read: +1 min

Vice President Kamala Harris on Thursday plans to announce a commitment between South Korean solar cell manufacturer Qcells and Virginia-based Summit Ridge Energy to deploy 1.2 gigawatts of community solar power, the largest community solar order in U.S. history. The deal will require the manufacturing of 2.5 million solar panels, Biden administration officials said, generating enough clean electricity to power 140,000 homes and businesses. Community solar generally refers to local solar facilities shared by community subscribers who receive credit on their energy bills for their share of the power produced. Qcells in January said it will invest $2.5 billion to expand its solar manufacturing capacity in Georgia. The company projects it will supply about 30% of total U.S. demand for solar panels by 2027.

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