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.
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.
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.