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China recently urged the United States to make greater efforts to address debt issues in African countries. At a press conference in Beijing, the Chinese foreign minister refuted the charge from some U.S. and World Bank officials that China was an obstacle in African debt relief
China recently urged the United States to make greater efforts to address debt issues in African countries. At a press conference in Beijing, the Chinese foreign minister refuted the charge from some U.S. and World Bank officials that China was an obstacle in African debt relief.
The Chinese foreign ministry spokesperson said that his country attached great importance to debt issues in Africa and actively helping African countries cope with the issues. He asserted that China has made the largest contribution to the G20 Debt Service Suspension Initiative (DSSI) and helped developing countries, particularly the African region. He rebutted the accusation of the US and World Bank officials that it was the source of the debt trap of African countries. He highlighted the role played by China to help developing countries to get out of their poverty trap.
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The spokesperson insisted that some Western politicians were weaving traps to disrupt and undermine China’s cooperation with developing countries. Quoting data from the World Bank, the spokesperson said that multilateral financial institutions and commercial creditors hold nearly three-quarters of Africa’s total external debt, creating the biggest debt burden for African countries. This, he said, constitutes the biggest source of debt pressure on developing countries. The debts of the World Bank and the International Monetary Fund (IMF) account for nearly 70 percent of the total debt held by multilateral financial institutions. The United States is the largest shareholder of the World Bank and IMF, and financial capital from the U.S. and Europe is the largest commercial creditor of African countries.
