China helps African nations reduce debt pressure

BEIJING, Aug. 20 (Xinhua) — China has been helping African countries alleviate debt pressure through multiple channels, a commerce official said Tuesday.
Under the framework of the G20’s Debt Service Suspension Initiative, China has played an active role in helping relevant nations reach debt suspension agreements, Shen Xiang, director of the West Asia and Africa Department under the Ministry of Commerce, told a press conference.
Under the Forum on China-Africa Cooperation framework, China has canceled the debt of relevant African countries in the form of interest-free government loans that were due to mature by the end of 2021, Shen said.
Chinese financial institutions and enterprises have engaged in investment and financing cooperation with African countries based on market principles and international rules.
They fully respect the will of African nations and take into consideration their actual needs. Moreover, China never attaches any political conditions, which has earned widespread appreciation from African nations, he said.
Commercial bonds and multilateral debts accounted for 66 percent of Africa’s external debt, while China-Africa bilateral debt only represented 11 percent of Africa’s total external debt, Shen said, citing statistics compiled by the IMF. ■