AMN/ WEB DESK
Chinese Foreign Ministry said that China will work with other G-20 countries to implement the extension of the G-20 led Debt relief initiative and the subsequent debt processing work.
Earlier, Chinese Finance Minister has said that the country has extended debt relief to developing countries worth a combined 2.1 billion US Dollars under the G20 framework, the highest among the G-20 members in terms of the amount deferred. However, this is a very small fraction compared with the debt developing countries owe to China.
As per a World Bank study, China accounts for more than 60 percent of the poorest countries’ official bilateral debt to G20 countries. It is also not yet fully clear how much relief has actually come into effect or whether it’s a work in progress.
Last month, World Bank Chief has expressed serious concerns over China not fully participating in G-20 debt relief scheme even as African countries, hammered by the COVID-19 pandemic will need more long-term help than the latest G20 Debt Service Suspension Initiative (DSSI) offers them to manage their economies.