Only a drunkard would accept these terms: Tanzania President cancels 'killer Chinese loan' worth $10 bn
China has often been accused of luring the poor African countries in its debt-trap by providing them loans for much-needed infrastructure projects and then control them when they fail to pay off their debts.

Tanzania President John Magufuli has cancelled a Chinese loan worth $10 billion signed by his predecessor Jakaya Kikwete to construct a port at Mbegani creek in Bagamoyo over terms and conditions that, he said, beat the logic. Magufuli said that the terms of the Chinese loan agreement could only be accepted by a drunken man.

His predecessor, Jakaya Kikwete had signed the deal with Chinese investors to build the port on condition that they will get 30 years to guarantee on the loan and 99 years uninterrupted lease, according to local media reports.

Another shocking demand made by the Chinese and accepted by Kikwete administration was that the Tanzanian government will have absolutely no power to raise concerns on whoever invests in the port during that period.

Dubbed as the "killer Chinese loan", several organisations and African citizens had demanded the then President to cancle the agreement. They had warned that the move will have dire consequences but their concerns were overlooked and the deal was signed.

China's debt trap

China has often been accused of luring the poor African countries in its debt-trap by providing them loans for much-needed infrastructure projects and then control them when they fail to pay off their debts.

Recently, the Kenyan government had also raised the issue that China was planning to take over one of the country's key seaports after the African country failed to clear its debts. Bejing also got Sri Lanka's Hambantota port on the lease after the island nation failed to clear part of a massive loan.



https://www.ibtimes.co.in/only-drunkard-would-accept-these-terms-tanzania-president-cancels-killer-chinese-loan-worth-10-818225

And we have many of such in the helm of affairs in Nigeria.

Does that ring bell to you?

I only pray that China never become the most powerful country in the world.If she does, it will spell doom to the underdeveloped countries especially those in Africa. Chinese are innately heartless and racist, far worse than the West.Their master-slave mentality is second to none, and can only be to some extent compared to the Arabs.

Nigeria definitely have drunkard leaders, virtually all the projects being boasted on by APC and PDP as achievements are financed by the Chinese.

If this African leader are not cursed why take a loan you can not pay in the first place ?!

And you wonder why foreigners have been maltreating Nigerians working under them....


Even Ghana can control Nigerians in Nigeria if they give us a loan with this very terms....

Like it or not..nigeria to be owned by china soon.

John Magufuli is an Uncommon African leader with Uncommon Qualities....

luckily our leaders are drunkards

Nigeria problems is that we are yet to know the type of drink our leaders are hypocritically intoxicated with

Meanwhile Obj left $45 billion when he was president.
Buhari and his inept and herdsmen cabinet have technically sold us to China. I’m glad I’m about to leave for good

Mod, front page, let Nigerians see what our govt is getting us into

Oga o, another slavery loading, we're just moving in circle.

Is he saying Buhari is drunk ?

China is the next world power, and there is nothing anyone can do about it. The record of the Kroos

Meanwhile, Buhari has collected plenty plenty loans from China to buy cow feed and burantashi. The remaining money will be shared by the surviving cabals as usual

Truth be told, in spite of being blessed with human and natural resources, most African countries apart from a few, need massive investments on infrastructures to help drive growth.
But we remain poor because we are being ruled by vile, selfish, wicked and backward thinking(I’m short of words right now you can add yours) leaders who knows what to do but does otherwise.
Africa needs a massive revolution to be able to break the cycle of bad, ineffective governance.

Righteousness89:
John Magufuli is an Uncommon African leader with Uncommon Qualities....

He is following footsteps of Julius Nyerere

Neef2018:
Meanwhile Obj left $45 billion when he was president.
Buhari and his inept and herdsmen cabinet have technically sold us to China. I’m glad I’m about to leave for good

leave and run to where? Thank God uncle coronavirus is still in those country you want to run to so we all die here

leke12:
China is the next world power, and there is nothing anyone can do about it. The record of the Kroos

China is not next world power. there will be balance of world powers.

Buhari will salivate on anything loan.

leke12:
China is the next world power, and there is nothing anyone can do about it. The record of the Kroos

Ehhh

Where una dey share the world power?

Righteousness89:
John Magufuli is an Uncommon African leader with Uncommon Qualities....

I always marvel at his wisdom

leke12:
China is the next world power, and there is nothing anyone can do about it. The record of the Kroos

That one is a lie when the west is done with them in the next 5 years they abandon that dream

But the reverse is the care here where we have plenty power drunk men

This is a president with brain, not the walking dead brain we call president in the country that knows nothing other than to pick his tooth

Why is this not on front page so that Nigeria learns a thing or 2

k

Hmm

gasparpisciotta:
Truth be told, in spite of being blessed with human and natural resources, most African countries apart from a few, need massive investments on infrastructures to help drive growth.
But we remain poor because we are being ruled by vile, selfish, wicked and backward thinking(I’m short of words right now you can add yours) leaders who knows what to do but does otherwise.
Africa needs a massive revolution to be able to break the cycle of bad, ineffective governance.

I read Paul Kagame's article on African dependence on foreign loan...and it really got me thinking....
The truth is africa will never develop...so long as we look to foreigners for our financial or economic sustainance....

The present global economic n financial system was designed to benefit mainly western nations....
They may allow few other countries benefit from the arrangement for personal reasons.....viz a viz Singapore, south korea, taiwan, honk kong....

When globalisation n free trade came, China was smart enough to notice the loopholes in the deal n they exploited it ruthlessly....

Now lets get something clear....
Neither west nor China likes africa, and they will never give us any favourable terms....

We really need to look inward.....
We have the resources and Africans should develop its own infrasctural need....
Looking to China to build our roads n bridges is not sustainable on the long run....
The only thing we need from foreigners is technology transfer....
Let's insist on technology transfer during business transaction.....

What's lacking in Africa is technical skills n knowledge application....not money....
We can't develop an ecosystem where value is added to our resources.....

Lets forget about the loans...we don't need it....a borrower is always a slave to the lender...
we can print our own money if need be.....it's just a piece of paper....

Right now, African countries can't print money to meet its own need, because we depend on foreigners too much to get things done....
Of course, they won't accept our currency as a form of payment because it's useless to them.....
Therefore, let's work towards when foreign currency will also be useless to us....

Why should our people be subjected to perpetual poverty by selling our resources cheap.... just because we servicing a piece of paper called dollar or yuan.......

The new generation of Africans should think outside the box n create our own economic n financial system.....
That's the only way to true independence and wealth creation on the continent.....