Soaring inflation, a strong dollar and a complete overhaul of global energy markets are playing hell with Emerging Market debt. The world is now teetering on the edge of a global debt crisis, warns Oxford Economics.
The economic war that the West launched against Russia in the days following the invasion of Ukraine has already cost developing nations $379bn, analysts estimate.
Russian Foreign Minister Sergei Lavrov took to the road this week and toured Africa to build closer ties with non-aligned nations.
A mounting gas crisis in Europe caused by Russia’s decision to reduce flows has revived several African gas pipeline projects to take over from the Russian deliveries.
Russia is preparing for the second Russia-Africa summit, scheduled for October-November 2022 in Addis Ababa, Ethiopia, as it steps up its campaign to move closer to the African countries and pivot away from the West.