Tuesday, May 28, 2024

China to cancel debt for African countries hit by COVID-19

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Chinese President Xi Jinping has said that China will cancel debts for African states worst hit by the coronavirus pandemic.

Speaking at the Extraordinary China-Africa Summit on Solidarity against COVID-19 in Beijing, 17 June 2020, the Chinese President said the sudden onslaught of COVID-19 had taken a heavy toll on countries around the world and has pledged his country’s total commitment to ending the pandemic.

Jinping said the Chinese people had put up a fierce fight and made enormous sacrifice to bring the situation in China and Africa under control.

“First, we must stay committed to fighting COVID-19 together. China will continue to do whatever it can to support Africa’s response to COVID-19,” he said.

Jinping said that China will lose no time in following through on the measures announced at the opening of the World Health Assembly, but would continue to help African countries by providing supplies, sending expert teams, and facilitating Africa’s procurement of medical supplies in China.

He said China would start ahead of schedule the construction of the Africa CDC headquarters this year and would work with Africa to fully deliver the health care initiative adopted at the FOCAC Beijing Summit, as well as speed up the construction of China-Africa Friendship Hospitals and the cooperation between paired-up Chinese and African hospitals.

“In the face of COVID-19, China and Africa have offered mutual support and fought shoulder to shoulder with each other,” he said.

Jinping said that COVID-19 was still affecting many parts of the world and that both China and Africa face the formidable task of combating the virus while stabilizing the economy and protecting people’s livelihoods.

“We must mobilize necessary resources, stick together in collaboration, and do whatever it takes to protect people’s lives and minimize the fallout of COVID-19,” he said.

Jinping further said that within the FOCAC framework, China will cancel the debt of relevant African countries in the form of interest – free government loans that are due to mature by the end of 2020.

“For those African countries that are hardest hit by the coronavirus and are under heavy financial stress, China will work with the global community to give them greater support, by such means as further extending the period of debt suspension, to help them tide over the current difficulty.

We encourage Chinese financial institutions to respond to the G20’s Debt Service Suspension Initiative (DSSI) and to hold friendly consultations with African countries according to market principles to work out arrangements for commercial loans with sovereign guarantees,” Jinping said.

“China will work with other members of the G20 to implement the DSSI and, on that basis, urge the G20 to extend debt service suspension still further for concerned, including those in Africa,” he said.

Meanwhile, Jinping said that in the face of COVID-19, China and Africa had enhanced solidarity and strengthened friendship and mutual trust.

He pledge that once the development and deployment of COVID-19 vaccine is completed in China, African states will be among the first to benefit.

Jinping also said China shall always remember the invaluable support Africa gave the Chinese at the height of battle with the coronavirus.

“In return, when Africa was struck by the virus, China was the first to rush in with assistance and has since stood firm with the African people,” Jinping said.

“I am convinced that humanity will ultimately defeat the virus, and that the Chinese and African people are poised to embrace better days ahead,” added Jinping.

The summit was attended by South African President Cyril Ramaphosa, Macky Sall the president of Senegal, Moussa Faki Mahamat Chairperson of the African Union Commission and Antonio Guterres the Secretary General of the United Nations.

Others were Tedros Adhanom Ghebreheyesus, Director General of the World Health Organization, Heads of States while other world leaders followed the proceedings via video link.

34 COMMENTS

  1. In as much as people want to certain circles pick on the minority terrible things Chinese are accused of, it is clear to see that they are more partners than the west will ever be. Was it not yesterday boris was threatening to stop donor aid after stealing our resources and building their nations on the back of ours. Kz

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    • Why are you still in the UK then, you fake KZ? Why still following/worring what Boris is say, but you want to pretend that you are in Zambia?? Kikikiki,..

  2. Excellent! Meanwhile the British are running our name through the mud for less than $30m dollars. The Chinese here are talking about Billions. In the not too distant a future Europe will be borrowing from Africa.

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  3. Is Zambia hit by covid-19? We are now in trouble and this maybe bring anxiety among our people as figures for covid-19 will be cooked and even non related deaths will be announced for them to qualify for debt relief.

    Meanwhile PF must!

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  4. That is why the Covid cases have been rising exponentially. Kanshi we want the debts cancelled. All the money stolen debts cancelled yayaya what a celebration by Chitalu Chilufya and Company

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  5. @Stupid Ndeloleshafye: which debt is Cho cho li forgiving Africa for? We dont owe them, they owe us. Who started Covid-19? Its them, so they must do a damage control at their own cost. And not fool us with debt pardoning. Besides that, those 99years contracts Chinese sign with our gvnmnts, are not contracts. They are slavery agreements- even worse than that. Look at their work conditions- very very poor. Cancel all all these stupid contracts pls. Let us suffer on our own pls.

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  6. Better that way,than to ve a chong chong faking to be helping us when in reality,they are taking from us. Not even our own colonisers were this cruel.

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  7. You are in trouble tomorrow, they will announce 1 million new cases plus 600 deaths. There is no honor among thief’s

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  8. Zambia is not one of those countries hard hit by covid and might not be a beneficiary of this relief, with this development however, we are now going to see the reporting of high numbers of covid cases. Every death will now be added to the list. Not Wonder the other day Dr Chitalu Chilufya was personally involved in swabbing and testing a corpse for covid and for sure the next reporting showed the number had risen from 10 to 11.

  9. Thank you China , …….

    Africa and China need each other , but China you need to curb the racist attitudes against Africans in China and Africa , Africa has welcomed China , we expect mutual respect as an eager student.

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  10. This is really going to annoy the UPND prophets of doom who were praying for Zambia to default on it’s debt repayments

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  11. This is a breath of fresh air! After all, the economic lockdown which has hit African countries hardest was caused by China. Africa should forget about the IMF/World Bank, they’re not really interested in debt cancellation to enable the African economy to grow. Instead of going cup-in-hand begging for aid from Britain and America. African countries should now strive for better relations with China in order to access technical capacity and sustain development on the continent.

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  12. The official Chinese debt which might be forgiven is peanuts. There is that huge debt from Eurobonds and other private and public institutions including Chinese state companies which we still have to pay.

  13. Debt suspension service initiative (DSSI) sounds like a cleverly crafted scheme for a further consolidation. Paras 5 and 6 would obviously need some critical discernment

  14. Nothing to jump around for. Note that it’s interest free loans being cancelled and not the concessionary or commercial loans which are the bulk of loans to Africa. Interest free account for less that 5% of Africa’s debt to China. In other words those loans to build infrastracture( roads, hospitals, airports) – You still pay !!! What’s cancelled is probably that loan to dig a borehole in Kalulushi and the like.

  15. This is BAD news… The Dora Chilufya COVID numbers will now sky rocket….. it will now 1000 new cases in the lat 24 hrs… ELO LWANYA….

  16. Racist, is not all about we are white, black or asian, it’s all about our mindset. Prejudice is happening everywhere, you could under determine a disabled person in a sports field, a women at workplace, a child in a chess game, the same prejudice will lead us start discriminate the disabled person, woman and minor, thereafter, we will start discrimate a group, a tribe, a race and a group of people of same origin. Despite the fact that we are all Africans, but the mindset among some of us, are worst racist more than a white supremacist in the states. Lets deal with the Chinese giant, with dignity, confidence and wisdom,

  17. The cancellation of debt is the generous gift from the Chinese government and good gesture from the Chinese people. We should feel sorry for the absence of our President Lungu in this important summit meeting. We have suffered too much from COVID-19, any kind of help offered to us should be appreciated.

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  18. China will be making a big mistake if debt forgiveness will come without conditions. Already there’s a report of US$2million worth of covid-19 donations being stolen in Kenya.

  19. Hey Lungu don’t raise your hand here. Your country wasn’t covid hit. It’s only South Africa which has a large covid fatality

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  20. Suddenly, because of this offer of ‘cancellation’ of debt, China has become an ‘angel’. Anyone riding roughshod over our resources or debasing our humanity should be confronted and condemned on that basis. Whether western or China. What has China said about it’s systematic dehumanising behaviours? We ‘apologised’ to them and the case is closed? What short memories we have? What is our actual foreign policy, if I may ask? We never stand on any firm ground about anything. I thought we had unfinished business with China.

  21. Reporting is either bad or the reporter is full or he has been greased by the CHIBESE COMMUNUST PARTY dictators. One sentence debt cancelled, next sentence Debt due in 2020 SUSOENDED.
    Suspension is not Cancellation. It is just postponement.
    Braibwashing would not take us far.
    Just kick these communists out of Afeica

  22. Zambians are dumbwit. Read the paid reporters manipulative reporting debt due in 2020 is suspended. Suspension is not cancellation. Dundderheads open your eyes. Communists are bad news.and CCP is worse.

  23. It’s only South Africa that has been negatively impacted by Covid19, the rest your not eligible for debt cancellation.

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