Debt
Putin cancels Africa’s debts worth over US$20 billion. Russia has become a key ally to many African countries, and Putin has made significant strides in strengthening the relationship between the two regions. At the “Russia-Africa in a multipolar world” conference, Putin reiterated Russia’s commitment to prioritizing cooperation with African nations. The cancellation of African debts is just one example of the bold steps Russia has taken to build a more productive and mutually beneficial relationship with the continent over the years.
Putin has cancelled more than $20 billion in debt owed by African countries. This debt had been accumulated during the Soviet era. In the past, Russia had attempted to collect these debts, which were mainly a result of Moscow’s previous alliances with African countries that supported its communist ideology. During this time, Russia provided military equipment and technical assistance to countries such as Angola, Algeria, the Democratic Republic of Congo (DRC), Ethiopia, Namibia, Mozambique, Morocco, and South Africa, among others. As a result, many African nations found themselves heavily indebted to Russia, with official documents estimating the total amount at $20 billion.
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Spending and inflation have sent credit card debt soaring to a record high of nearly a trillion dollars, and credit card companies are offering perks to try to get more people to sign up. Javier E. David, a CBS News contributor and the managing editor for business and markets at Axios, joined Vladimir Duthiers and Anne-Marie Green to discuss what customers need to look out for.
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Plus, Eli Lilly will cap out-of-pocket costs for its insulin at $35 a month and Nissan is recalling more than 700,000 vehicles due to an issue with the key fob shutting off the engine.
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Mike Pence, former vice president of the United States, joins ‘Squawk Box’ to discuss Pence’s thoughts on the debt ceiling debate, how Pence considers entitlements and more. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
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A war of words has been started between two largest economies of the world – US and China. They are engaged in a tussle over debt issue, it started after US Treasury Secretary Janet Yellen called China a ‘barrier’ to debt reforms in Africa.
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The U.S. is expected to hit its debt borrowing limit in a couple of days. CBS News political director Fin Gomez covers has more on that and how the 2024 Republican presidential primary is shaping up.
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The Biden administration released a new student loan payment plan that would lower monthly payments for millions of borrowers and pause them completely for some. There’s been a freeze on loan repayments throughout the pandemic, but that’s coming to an end in June. The new proposal comes while plans to cancel some of the debt are held up in court. Cory Turner of NPR joined Geoff Bennett to discuss.
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