Home / International/ African countries don’t think cooperation adds to debt: China

African countries don’t think cooperation adds to debt: China


Comments / {{hitsCtrl.values.hits}} Views / Friday, 7 September 2018 00:00

Facebook

BEIJING (Reuters): African leaders attending this week’s summit with China do not think that cooperation between the continent and Beijing has added to their debt burden, the Chinese Government’s top diplomat said on Thursday.

Chinese President Xi Jinping pledged $ 60 billion to African nations at Monday’s opening of a China-Africa forum on cooperation, matching the size of funds offered at the last summit in Johannesburg in 2015.

China has denied engaging in ‘debt trap’ diplomacy, and Xi said this week government debt from Chinese interest-free loans due by year-end would be written off for the poorest African nations.

In a statement posted on the Chinese Foreign Ministry’s website, in the form of a question and answer, State Councillor Wang Yi said Xi’s speech had met with a rapturous reception from the African leaders at the summit.

“Some African leaders stated outright, certain Western countries only speak but don’t act, but China takes actual actions,” Wang, who is also China’s foreign minister, said.

“They said, China upholds putting righteousness first and is consistent in its sincere and selfless support for Africa’s development, in stark contrast to the inequality of relations between some major powers and Africa, and that those who believe Africa-China cooperation aggravates Africa’s debt burden are completely wrong,” he added.”There is no market for sowing discord between Africa and China!” Wang said, citing the unidentified African leaders.

China has defended the latest promise of financing for Africa, saying China is helping the continent develop, not pile up debt.

A wave of African nations seeking to restructure their debt with China has served as a reality check for Beijing’s ties with the continent, though most of its countries still see Chinese lending as the best bet to develop their economies.

Every African country attended the summit, with most sending their presidents, apart from eSwatini, self-ruled Taiwan’s last African ally that has so far rejected China’s overtures to ditch Taipei and recognize Beijing.


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

On time – Only for a week! A must-change!

Thursday, 18 April 2019

We are in April and the month where we witness the declaration of a new year as per our traditional practice. It is that period of time when a huge majority of our population, which certainly can be counted in millions, intends to act in unison and q


Unholy trinity is unholy to Sri Lanka from all fronts

Thursday, 18 April 2019

Let us see the background of the unholy trinity or impossible trinity or trilemma. Every country is challenged with international monetary policy which will in return decide the fate of the economic growth. Three strategies available are;


Is it the plane or the pilot?

Thursday, 18 April 2019

The two recent crashes involving Boeing 737 MAX twin-engine jetliners have brought flight safety into sharper focus than ever after many decades. This is in many ways a story of success breeding complacency. Airline safety has improved beyond belief


Is Sri Lanka capable of a course correction?

Thursday, 18 April 2019

The genesis of Sri Lanka’s current political and economic problems can very well be traced back to several structural issues of the country, both politically and culturally. It is no secret that from the outset of the war in Sri Lanka, the country


Columnists More