Relief: Absa Bank Kenya restructures loans worth KSh 57bn

ABSA BANK KENYA

Absa Bank Kenya offered loan relief and restructured loans totalling KSh 57 billion to financially distressed customers, equivalent to 28 per cent of its loan book. During the six months period ended 30th June 2020, the lender recorded an increase in net loans to customers to KSh 201.9 Billion from KSh 186.7 Billion, local media have reported. Customer assets increased by 8 per cent to KSh 186.6 Billion while holdings of Government Securities holding increasing from KSh 133.8 billion to KSh 114.0 Billion, a 17 per cent growth. The lender…

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Nigeria, Other Poor Countries To Get Debt Cuts From World Bank

Debt

Indications are rife that the World Bank is currently mulling possible cut on the debt stock of poor countries, under the Debt Service Suspension Initiative, rather than merely restructuring or delaying repayment on such loans. President of the World Bank Group, David Malpass, who disclosed this in an interview with Bloomberg Television said the annual meetings of the World Bank and the International Monetary Fund (IMF) in October present a good timeframe for action. This is after the Speaker of the House of Representatives, Femi Gbajabiamila and some African Speakers…

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Delivering Debt Relief For The Poorest

Debt

Converting Debt Liabilities Into Investments That Protect Children Is Good Economics And An Ethical Imperative By KEVIN WATKINS  At the height of Africa’s debt crisis in the mid-1980s, Julius Nyerere, the late president of Tanzania, asked his country’s creditors a blunt question: “Should we really let our people starve so that we can pay our debts?” The response can be summarized in two words: if necessary. It took another 20 years to agree to a comprehensive debt reduction program, effectively consigning Africa to a lost decade of development. Nyerere’s question…

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