United States of America, USA top Africa diplomat, Tibor Nagy, on Monday warned African countries to be mindful of their debt burden.

Nagy, who spoke in Pretoria, South Africa, warned that African countries owing amount they cannot pay back, not to expect being bailed out by western-sponsored debt relief.

Nagy, U.S. Assistant Secretary of State for African Affairs, said “The International Monetary Fund and World Bank began the Heavily Indebted Poor Countries (HIPC) Initiative in 1996 to help the world’s poorest countries clear billions of dollars worth of unsustainable debt.

“But Africa is facing another potential debt crisis today, with around 40 percent of low-income countries in the region now in debt distress or at high risk of it, according to an IMF report released a year ago.

“We went through this, just in the last 20 years, this big debt forgiveness for a lot of African countries.

“I certainly would not be sympathetic, and I do not think my administration would be sympathetic to that kind of situation,’’ he told reporters.

Under Donald Trump’s administration, the U.S. has criticized China for pushing poor countries into debt, mainly through lending for large-scale infrastructure projects.

Nagy has warned that those nations risk losing control of strategic assets if they cannot repay the Chinese loans, NAN reports.

Sri Lanka formally handed over commercial activities in its main southern port in the town of Hambantota to a Chinese company in 2017 as part of a plan to convert $6 billion of loans that Sri Lanka owes China into equity.

U.S. officials have warned that a strategic port in the tiny Horn of Africa nation of Djibouti could be next, a prospect the government there has denied.

From 2000 to 2016, China loaned around $125 billion to the continent, according to data from the China-Africa Research Initiative at Washington’s Johns Hopkins University School of Advanced International Studies.


https://dailypost.ng/2019/06/24/us-warns-nigeria-african-countries-debt-burden/

From the write-up they are actually warning us from taking Chinese loans, lols which looks like a cry from a drowning nation because nations no longer go to the US for loans but now opt for the Chinese. Hypocrites, they won't tell you they are the biggest debtor in the world.

The way Bubu is getting us indebted, Colonial system will be restored for us to pay for it

They are jealous of Chinese influence in Africa

Let me call Buhari
Hope he will have time for my wailing

Ok o

Like China?

After losing to HUAWEI, this is your next strategy

Hmmmm......Nigeria was added in the headline to give wailers reason to blame PMB

Well, if these countries can't pay back their loans, then the lenders would go ahead and take over their economies, ushering in the newest form of colonialism.

Maybe Africa is better being colonized, since her leaders are irredeemably corrupt and backward.

China don buy Africa finish, recolonization looms.

Good...Time shall tell.

The worst part is that they don't do anything with it....Shithoe

Politics aside, government needs to watch out on heaping more debts on Nigerian's fragile economy.

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That is the difference between the country that is thinking (China) and the one that is not thinking (Nigeria/Africa)

A borrower will always be a slave to the lender

O seti go kwa oh


The Lord's prayer

OCEANMORGAN:
United States of America, USA top Africa diplomat, Tibor Nagy, on Monday warned African countries to be mindful of their debt burden.

Nagy, who spoke in Pretoria, South Africa, warned that African countries owing amount they cannot pay back, not to expect being bailed out by western-sponsored debt relief.

Nagy, U.S. Assistant Secretary of State for African Affairs, said “The International Monetary Fund and World Bank began the Heavily Indebted Poor Countries (HIPC) Initiative in 1996 to help the world’s poorest countries clear billions of dollars worth of unsustainable debt.

“But Africa is facing another potential debt crisis today, with around 40 percent of low-income countries in the region now in debt distress or at high risk of it, according to an IMF report released a year ago.

“We went through this, just in the last 20 years, this big debt forgiveness for a lot of African countries.

“I certainly would not be sympathetic, and I do not think my administration would be sympathetic to that kind of situation,’’ he told reporters.

Under Donald Trump’s administration, the U.S. has criticized China for pushing poor countries into debt, mainly through lending for large-scale infrastructure projects.

Nagy has warned that those nations risk losing control of strategic assets if they cannot repay the Chinese loans, NAN reports.

Sri Lanka formally handed over commercial activities in its main southern port in the town of Hambantota to a Chinese company in 2017 as part of a plan to convert $6 billion of loans that Sri Lanka owes China into equity.

U.S. officials have warned that a strategic port in the tiny Horn of Africa nation of Djibouti could be next, a prospect the government there has denied.

From 2000 to 2016, China loaned around $125 billion to the continent, according to data from the China-Africa Research Initiative at Washington’s Johns Hopkins University School of Advanced International Studies.


https://dailypost.ng/2019/06/24/us-warns-nigeria-african-countries-debt-burden/

Why them they do like say this money they fall from heaven.. �

No be for earth them they print money.

Okay

Make una still dey borrow no need warning them.. If any can't pay back just take over the country

Yeyenatu..like the truly care?

What is the alternative?

Good report

chinko colonization

The diplomat should rather start advocating for African countries not be giving any loan any more by any financial organizations both home and away.

You don't care about Africa so why talking bullshit about our debt, stupid America.

Mehn , that's huge


Can't these debts be paid bit by bit till its cleared?


Or they prefer paying it once
.
Like they say that every Nigerian Owes China the Sum of 15k individually

How much this country worth sef, let's market it

Africans are just too daft to understand that the Chinese people who give out this loan are extremely difficult to handle..