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China freezes debt payments for 77 nations after G-20 deal

June 08, 2020
Business
China has put on hold loan repayments for 77 countries

The Chinese government has said it has agreed to delay debt repayments for low-income countries, as part of the Group of 20 nations debt relief programme.

The country has suspended debt repayments from 77 developing countries and regions, Ma Zhaoxu, Vice Minister of Foreign Affairs, said at a State Council briefing Sunday in Beijing.

In April, the G-20 agreed to provide temporary debt relief to the world’s poorest nations, with the moratorium starting May 1.

In addition to the debt holiday, China has pledged to provide $2 billion to help other countries respond to the impact of the coronavirus pandemic, including $50 million donated to the World Health Organization, Ma said.

Ma did not provide any details on the terms of the debt relief.

 

 

Source: Bloomberg

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