China has said it will cancel the debt of relevant African countries in the form of interest-free government loans that are due to mature by the end of 2020.

China’s Consul General in Lagos, Chu Maoming, who disclosed this in an article made available to our correspondent on Monday, said the plan was announced by the Chinese President, Xi Jinping, during the recent Extraordinary China-Africa Summit on Solidarity Against COVID-19 in Beijing.

The envoy quoted President Xi as saying at the summit that China would work with the global community to give greater support to “those African countries that are hardest hit by the coronavirus and are under heavy financial stress”.

The support would include a further extension of the period of debt suspension to help tide them over the current difficulty.

Nigeria is one of the African countries indebted to China but it is not clear if the country will benefit from the debt cancellation.

The country’s total borrowing from China stood at $3.12bn (N1.13tn) as of March 31, 2020, the Debt Management Office said last week.

The DMO said the amount represented 3.94 per cent of Nigeria’s total public debt of $79.30bn (N28.63tn) as of March 31, adding that it accounted for 11.28 per cent of the country’s external debt stock of $27.67bn.

Maoming said the President stressed the need for China and Africa to stay committed to fighting COVID-19 together, enhancing China-Africa cooperation, upholding multilateralism, and taking China-Africa friendship forward.

Source: https://punchng.com/chinall-cancel-some-african-countries-debts-says-envoy/

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chinese are stupid. cancel loan debt = giving money to africa for free.

igbesachick:
chinese are stupid. cancel loan debt = giving money to africa for free.

Did you bother reading the short article?

shaggy007:


Did you bother reading the short article?

i have read it. my conclusion is, chinese are stupid. are you shocked by my sarcasm?

shaggy007:


Did you bother reading the short article?

i lend money to you. later i say, you dont need to pay. that means, i give u money for free! and you can use that money to buy whatever you like from my shop . see? chinese stupid

igbesachick:


i lend money to you. later i say, you dont need to pay. that means, i give u money for free! and you can use that money to buy whatever you like from my shop . see? chinese stupid

Now, going by your logic, this is what the writeup says : "I give you money, the money starts generating interest after a period of time. But, don't bother about the interest again. Just give me back the money I gave you"

So, you did not read the very short article.

shaggy007:


Now, going by your logic, this is what the writeup says : "I give you money, the money starts generating interest after a period of time. But, don't bother about the interest again. Just give me back the money I gave you"

So, you did not read the very short article.

ok, hahah