![]() Modalities of Chinese Debt Relief Debt Relief with Chinese CharacteristicsĬhina recently became the world’s largest bilateral creditor. ![]() Kyrgyzstan, which is eligible for DSSI but has not formally participated, received an offer from China Eximbank to defer $35 million worth of loan repayments to 2022-2024.Ĭontribution to the IMF’s Catastrophe Containment and Relief Trust (CCRT): China contributed US$8 million to the IMF’s CCRT debt service relief program. Angola also received repayment deferrals from the China Development Bank (CDB) and the Industrial and Commercial Bank of China (ICBC), for a total of $4.9 billion. Cancellations announced in Botswana, Burundi, Rwanda, Cameroon, the DRC, the ROC, and Mozambique total at least $113.8 million.Īd hoc: Ecuador, which is not eligible for the G20 effort, received $891 million in repayment deferrals. Angola also received an unknown amount of DSSI debt relief from China Eximbank.įOCAC: Beijing claimed to have canceled interest-free loan debts due to mature at the end of 2020 for 15 African countries and promised to exempt African least developed countries’ debt incurred from interest-free loans matured at the end of 2021. Only four countries have officially released information on their G20 debt service suspensions from Chinese lenders: the Maldives ($25 million), Tajikistan ($40 million), Zambia ($110 million), and Kenya ($378 million). Two official Chinese bilateral creditors (Eximbank and CIDCA) have suspended over $1.3 billion in debt service in 23 countries worldwide under the G20 DSSI, including 16 African countries, according to Chinese officials. Industrial and Commercial Bank of China (ICBC)Ĭhina International Development Cooperation Agency (CIDCA) The Export-Import Bank of China (Eximbank) Chinese debt relief falls into four categories: G20 Debt Service Suspension Initiative (DSSI), debt cancellation under the Forum on China Africa Cooperation (FOCAC), ad hoc debt relief, and contributions to the IMF’s Catastrophe Containment and Relief Trust.ĭebt relief can involve renewal/refinancing (the outstanding balance of a loan is transferred to a new loan agreement), reprofiling/rescheduling (extending the repayment time, but not reducing the net present value of the debt – all DSSI treatments fall into this category), restructuring (changes in the terms that result in a reduction in the net present value) or debt forgiveness (reductions in the principal, which can be partial or complete).įour Chinese lenders have participated in debt restructuring so far: ![]() The China Africa Research Initiative (CARI) Debt Relief Dashboard reports official information about global Chinese debt relief in the COVID-19 era, 2020-2021. Summary: Tracking global Chinese Debt Relief in the COVID-19 Era
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