“Chinese lenders have provided at least US$7.6 billion in debt relief to countries, mainly African nations, struggling during the coronavirus pandemic, according to a new data analysis.”
“Like many African nations, Zambia has borrowed heavily from China to finance projects under Beijing’s Belt and Road Initiative. Zambia is seeking US$1.3 billion in financial assistance from the IMF and a six-month moratorium on interest payments on US$3 billion worth of Eurobonds.”
“Economic Commission for Africa negotiator says she is not aware of any African countries gaining from China debt relief under G20 deal. Eligible countries spend US$92 million a day on debt payments when they could be tackling pandemic-related crises.”
“Some African countries are opting to negotiate debt relief individually with China and other rich nations because of concerns they will be blocked from financial markets by the G20 debt deal to help poorer countries get through the economic shock of the coronavirus pandemic.”
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