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

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.

Trending Business

Finance Minister vows lasting economic stability and lower food prices in meeting with FABAG

08:46
Bawumia’s Gold for Reserve Programme is anchoring the Cedi – Kofi Bentil

13:27
DVLA opens new office in Adentan, CEO expresses gratitude to all stakeholders

08:27
President Mahama delivers on 24-hour economy promise within first 120 days

01:34
Gov't inaugurates task force to oversee establishment of Ghana’s national airline

13:57
NPA boss heaps praise on Finance Minister and BoG for stabilising Cedi, fuel prices

11:18
President Mahama sets $10 billion target for non-traditional exports by 2030

03:34
Hand over Saglemi housing project to TDC- Parliamentary Select Committee to gov't

04:51
CEMSE calls for urgent review of Ghana’s upstream petroleum laws to boost investment

14:55
Gov't urged to act fast on the completion Pokuse-Mayera affordable housing project

10:25