The U.S. top Africa diplomat, Tibor Nagy, warned in Pretoria, South Africa on Monday that African countries running up debt they cannot pay back, including China, should not expect to be bailed out by western-sponsored debt relief.
But Africa is facing another potential debt crisis today, with around 40 per cent of low-income countries in the region now in debt distress or at high risk of it, according to an IMF report released a year ago. “ I certainly would not be sympathetic, and I do not think my administration would be sympathetic to that kind of situation,’’ he told reporters.
Nagy has warned that those nations risk losing control of strategic assets if they cannot repay the Chinese loans.
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