US asks China to consider debt relief to Africa during pandemic
By Job Obonyo - 2020-05-04 01:11:53 - [General]
The US says African countries burdened with Chinese loans should seek a change of terms with their lender, during the Covid-19 pandemic.
In a teleconference session with African journalists this week, US Secretary of State Mike Pompeo spoke of Washington’s bid to help Africa’s fight against Covid-19, including a project to develop a vaccine; but added that some of the challenges the continent may face will require debt adjustment.
“We are constantly evaluating both the how and the when,” he said, referring to whether debt in Africa should be forgiven or suspended.
“I would also remind everyone that there is an enormous amount of debt that China has imposed on African countries. It is something that the African countries should consider, too, in asking China to possibly enter debt relief on some deals that have incredibly onerous terms that will impact the African people for an awfully long time, if relief is not granted.”
China whose influence in Africa has grown enormously in the past two decades, has also loaned the continent some $160 billion, most of which has gone into infrastructure projects. Critics charge that most of that money is lent as commercial loans with hefty interest rates.
Anti-debt campaigners have been asking for relief or suspension of payments at least until the pandemic is over.
By Friday, Africa had 37,391 cases of Covid-19 of which 1,598 had died while another 12,213 had recovered.
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