BEIJING - China, the largest government creditor to emerging economies, said it will forgive 23 interest-free loans to 17 African countries and redirect US$10 billion of its International Monetary Fund reserves to nations on the continent.
Since 2000, Beijing has announced multiple rounds of debt forgiveness of interest-free loans to African countries, cancelling at least US$3.4 billion of debt through 2019, according to a study published by Johns Hopkins University School of Advanced International Studies. Surging inflation has triggered a wave of interest-rate increases by central banks worldwide, including the US Federal Reserve, which drives up the costs of sovereign loan repayments.
It has helped forge recent debt-relief agreements, participating in the Group of 20 suspension of repayments during the pandemic. "What Africa wishes for is a favourable and amicable cooperation environment, not the zero-sum Cold War mentality," Mr Wang said, according to the post.The IMF's record US$650 billion resource injection last year was intended to help its members weather the effects of the Covid-19 outbreak, but fund chief Kristalina Georgieva has urged richer nations to do more by lending their reserves to poorer ones.
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