China Claims It’s Done More to Relieve Developing World Debt Than Any Other G20 Member

Chinese Finance Minister Liu Kun provided a robust defense of Beijing’s participation in the G20’s Debt Service Suspension Initiative and said his government is doing more than any other in the group in providing billions of dollars of debt relief to the world’s poorest countries.

“China is the country with the largest amount of debt relief among the G20 members,” said Liu in an interview published on Friday on the Ministry of Finance’s official site in the run-up to this weekend’s G20 summit. In total, the finance minister claimed total debt relief totaled $2.1 billion, but he didn’t give a precise breakdown of which countries were aided and what the terms of those settlements were.

While that amount may be considerable compared to other G20 members, the reality is that it’s a tiny percentage of the world’s poorest countries’ bilateral debt to G20 countries. Last year, according to World Bank data, developing countries had $178 billion in outstanding bilateral debts, 63% of which is owed to China.

China’s $2.1 Billion in Debt Relief According to Finance Minister Liu Kun

  • THE NATIONAL AGENCY FOR INTERNATIONAL DEVELOPMENT COOPERATION & CHINA EXIM BANK: “As bilateral official creditors, [they] have fully implemented the debt relief applications that meet the requirements of the [DSSI]. The debt relief amount has reached $1.353 billion, and 23 countries have benefited from it.”
  • THE CHINA DEVELOPMENT BANK: “As a commercial creditor, China Development Bank actively responded to the debt mitigation initiative in accordance with the principles of independence, voluntariness, and the market. As of the end of September, the amount of debt mitigation agreements signed with relevant beneficiary countries reached $748 million.”

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The post China Claims It’s Done More to Relieve Developing World Debt Than Any Other G20 Member appeared first on The China Africa Project.



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