A dozen poor countries are facing economic instability and even collapse under the weight of hundreds of billions of dollars in foreign loans, much of them from the world’s biggest and most unforgiving government lender, China.
China argues it has offered relief in the form of extended loan maturities and emergency loans, and as the biggest contributor to a program to temporarily suspend interest payments during the coronavirus pandemic. It also says it has forgiven 23 no-interest loans to African countries, though AidData’s Parks said such loans are mostly from two decades ago and amount to less than 5% of the total it has lent.
I remember hearing about the Africa ones but did not read much about it
It also says it has forgiven 23 no-interest loans to African countries, though AidData’s Parks said such loans are mostly from two decades ago and amount to less than 5% of the total it has lent.
Holy shit, China was giving away no-interest loans to Africa 20 years ago? Damn, China was a lot poorer back then. This is real dedication to internationalism.
Yeah, that's what I meant. 2003 China giving out an interest free loan is a bigger deal than 2023 China since extreme poverty had not been eliminated yet and the average Chinese person was still much poorer than they are now.
Has China forgiven loans besides these ones?
I remember hearing about the Africa ones but did not read much about it
Holy shit, China was giving away no-interest loans to Africa 20 years ago? Damn, China was a lot poorer back then. This is real dedication to internationalism.
I believe they mean that the loans were issued two decades ago and were forgiven recently.
Yeah, that's what I meant. 2003 China giving out an interest free loan is a bigger deal than 2023 China since extreme poverty had not been eliminated yet and the average Chinese person was still much poorer than they are now.
Oh absolutely, agreed.
Yeah, for some African nations and at least a few countries in Asia like Vietnam. I want to say also Cambodia and Laos, but I'm not sure.
I couldn't find anything foy Vietnam or Laos, I only say forgiveness for the African countries mentioned
I could have sworn I saw it somewhere, but it's a nuisance to look this sort of thing up when the results are so saturated with "debt trap" articles.