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Home Business News Politics

China exempts some African countries from debt repayment

Chike Olisah by Chike Olisah
June 18, 2020
in Politics
China exempts some African countries from debt repayment
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China has announced its plan to exempt some African countries from repaying the zero-interest-rate loans that are due at the end of this year. It is also willing to provide further support, including loan maturing extensions, to free up funds needed to deal with the impact of the coronavirus pandemic.

This was disclosed by the Chinese President, Xi Jinping, on Wednesday, June 17, 2020, during a video conference with African leaders. This initiative adds to an earlier one by the Group of 20 leading economies to suspend payments for low-income countries that are in deep economic crises due to the coronavirus disease.

READ ALSO: African nations sitting on debt volcano

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According to the Chinese President, “China hopes that the international community, especially developed countries and multilateral financial institutions, will act more forcefully on debt relief and suspension for Africa.”

Other leaders that took part in this summit include the United Nations Secretary-General, Antonio Guterres, and the Director-General of the World Health Organization (WHO), Adhanom Ghebreyesus. This comes as China tries to deflect criticisms over the initial handling of the coronavirus outbreak, and get global support for its response to the virus.

READ MORE: Paris Club: Debt payments suspended for Chad, Ethiopia, Pakistan and DRC in $1.1 billion waiver

The Chinese President added that China is also willing to give priority to African countries once the COVID-19 vaccines are ready for use. It will ensure that countries in the continent are among the first to benefit from any coronavirus vaccine it develops, although no further details were provided.

This is seen as a way for China to get back to the good books of African countries after allegations of indecent treatment and discrimination against Africans in Guangzhou by the authorities. The ties between China and African countries, including Nigeria, were strained over stringent health restrictions due to the COVID-19 outbreak.

The Nigerian authorities on their part had to summon the Chinese envoy to Nigeria to express their displeasure over such treatments of Nigerians living in China.

China, however, rejected such claims and vowed to ease health measures on Africans in the city.


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Tags: Adhanom GhebreyesusAntonio GuterreschinaUnited NationWHOXi Jinping
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 2

  1. Aloh says:
    June 18, 2020 at 10:38 am

    That’s a wonderful write up but just that I see anti-china rethoric
    We all work with facts and evidence. Claiming that China is trying to deflect the blame of its handling of the corona virus sounds bias to me. Pls get more facts about the discrimination and the covid-19 outbreak part.

    Reply
  2. Oparaeche N. says:
    June 19, 2020 at 8:02 pm

    China has suffered such a huge setback in African in recent times that an outright debt cancellation may be required to regain its previous standing.

    Reply

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