LUSAKA, Zambia - US Treasury Secretary Janet Yellen’s three-country trip to Africa - the leading edge of a new diplomatic push by the Biden administration - aims to show the continent that the United States is a true partner, one here for the long-haul.
Dr Yellen’s trip kicks off a year of high-level US visits that will include President Joe Biden, Vice-President Kamala Harris, Trade Representative Katherine Tai and Commerce Secretary Gina Raimondo. “The fears that Biden will not follow through, or that he could lose and be replaced by a hostile Republican administration, definitely exist,” he said.As the US touts its longstanding ties to Africa and a renewed commitment to ramping up trade and investment, it’s playing catch-up with China and facing a growing challenge from Russia.
In Senegal, Dr Yellen warned Africa against “shiny deals that may be opaque and ultimately fail to actually benefit the people” and has accused China of dragging its feet on a critical debt restructuring in Zambia.But US fiscal policy is creating its own drag. The cost of debt service is expected to hit US$25 billion in 2024 according to the World Bank, up from US$21.4 billion in 2022. In local currency term, it’s risen even faster, increasing the risk of debt distress, the AfDB stated.
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