Soaring inflation, rate hikes and a stronger dollar are reminiscent of the early 1980s – a decade that brought a wave of EM sovereign debt crises. This year has already seen Sri Lanka default, hit by an external liquidity crisis.
Bloc’s giant investment offer may appeal to countries worried by Chinese “debt-trap diplomacy”. Beijing warns against geopoliticising infrastructure.
A majority of G20 net-zero pledges made so far are not strong enough and are not backed up by meaningful and effective promises of action.
China’s promise to abandon financing coal projects overseas could affect a total of 44 coal plants across Asia and Africa with a combined 42,220 MW of capacity.