JOHANNESBURG/BEIJING/WASHINGTON - Support is growing for debt relief to help the world's poorest, indebted nations - most of them in Africa - confront the economic havoc wreaked by Covid-19. But there is one big question mark: China.
Beijing is likely to endorse a temporary freeze on debt payments by African countries as part of an expected agreement by the Group of 20 major economies this week, two sources familiar with the process told Reuters. 'A RISING POWER' Unlike major Western countries that granted debt relief in the past, a large part of China's debt to Africa carries commercial terms.
With its own economy expected to contract for the first time in three decades, China has signalled little appetite to go beyond its well-worn playbook of bilateral negotiations with debt-distressed partners. The IMF is not currently pushing for a broader initiative, but experts say a payment freeze is a first step towards that.
Terms of Chinese lending have generally been favourable, though a CGD study found they were consistently harder than World Bank terms, particularly for the poorest countries.
Source: Loan Digest (loandigest.net)
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