There are many debt, high interest, and little reduction -Western private loan institutions allow African countries to bear heavy debt

Xinhua News Agency, Nairobi, July 20 (International Observation) There are many debt, high interest, and little reduction -Western private loan institutions allow African countries to bear heavy debt

Xinhua News Agency reporter Zhu Shaobin

A number of reports from professional research in Europe and the United States show that the sources of foreign debt in African countries are mainly bonds held by Western private creditors. African countries continue to flow into European and American countries in the form of debt repayments. African experts believe that the "Chinese debt trap" of frequent hype of the West is obviously based on political motivation. To resolve the dilemma of African debt, it is necessary to urge Western private loan institutions to participate in debt reduction.

"Chinese debt trap" is purely discourse trap

The British charity "debt justice" recently reported that 35%of African countries' foreign debt came from Western private loan institutions, and its total amount was almost three times that of non -loan on Africa, and the average interest rate was about twice that of China on non -loan. Western private loan institutions borrow a large number of debt to African countries and collect higher interest, but rarely do help in helping Africa to slow down debt pressure.

Relevant research reports issued by Scholars of Columbia University and Oxford University in May also show that the sources of foreign debt in African countries are mainly bonds held by Western private creditors. African countries are constantly flowing into European and American countries in the form of debt repayment. In the past ten years, Western private loan institutions have been the main source of debt issues in African countries.

Chinese Foreign Ministry spokesman Wang Wenbin recently answered questions from African debt issues. According to World Bank data, in 49 African countries with data -checked African countries, a total of 696 billion US dollars of foreign debt, borrowing from multilateral financial institutions and private financial institutions (no, no The total of about three -quarters of the total of China). The so -called "Chinese debt trap theory" is just the "discourse trap" created by the forces created by China and other developing countries and regions such as China and Africa.

Charles Ourahisan, director of the China Research Center of Nigeria, believes that the remarks about the "Chinese debt trap" are obviously out of political motivation, and it is the responsibility of western countries to be excluded. Western private loan agencies have very serious manipulation and harvesting of African economy, affecting the prospects of Africa's economic development.

Costantinos, a professor of the University of Siya, Ethiopia, said that as China ’s influence in Africa has expanded, the Western government and the media have compiled lies and slander China as a" predatory lender "for weapons of capital. There is no factual basis.

Kenya economist and senior lecturer at the University of Riala, Beatley Matri, said that the research data clearly shows that African foreign debt mainly comes from the West. The so -called "Chinese debt trap" theory is actually the tools of western countries discredited China, which has nothing to do with the real situation of African debt structure.

Western private loan institutions do not act as difficult to solve African debt issues

The current global debt situation has deteriorated rapidly. According to data from the International Monetary Fund, more than 30%of emerging markets and developing countries are in or close to debt dilemma. For low -income countries, this ratio is as high as 60%. With the start of the US interest rate hike cycle, global financial conditions are tightened, and developing countries have accelerated their depreciation, and some countries have difficulty to bear the pressure on debt repayment. Experts call on Western countries to urge private loan institutions to participate in debt reductions through legislation.

Matri-Misoli believes that private loan institutions are very important in the entire African debt structure. It is necessary for Western countries to let them really participate in the common framework of the Group of Twenty Group (G20) Slow Debt Initiative and Slow Debt Initiative. Essence

Tim Jones, the head of the "debt justice" policy department, recently pointed out that during the new crown epidemic, China participated in the G20 to suspend the poor national debt payment initiative, but Western private loan institutions did not participate. If the African debt issue does not participate in Western private loan institutions, it is impossible to come up with effective solutions.

Faced with debt problems in developing countries, China uses practical actions to solve their worries. A spokesman for the Chinese Ministry of Foreign Affairs said in February this year that China has fully implemented the G20 slow debt initiative and has the largest amount of debt among the G20 members. China ’s relevant non -official financial institutions also refer to the clauses of mitigating debt initiatives to adopt a mitigation operation in comparable ways, which is rare in the G20 countries.

Ou Nuyju said that China fully implemented the G20 slow debt initiative and demonstrated the responsibility of the responsible power. He said: "African debt is more from Western countries and private financial institutions. We hope more people will pay attention to this, and we hope to see more practical actions."

Chinese funds help Africa crack the bottleneck of development

The basis of solving debt problems is to activate the local economy "hematopoietic ability" and enable the economic and society to gain lasting development momentum. Experts believe that China has developed a significant development in non -large investment to help local infrastructure construction and industrialization process, and injects unprecedented vitality to Africa.

Matri-Misoli said that in the past 20 years, China's a lot of funds have been efficiently invested in the construction of African infrastructure, which has promoted the interconnection of African countries. "This is very important for the vision of African integration and the free trade zone of the African continent."

Chinese official data shows that since the establishment of the China -Africa Cooperation Forum in 2000, Chinese enterprises have used various funds to help African countries add and upgrade railway by more than 10,000 kilometers, nearly 100,000 kilometers of highways, nearly 1,000 bridges, and nearly 100 ports. The transmission line is 66,000 kilometers, the power installed capacity is 120 million kilowatts, the communication backbone network is 150,000 kilometers, and the network service covers nearly 700 million user terminals.

Ou Nunajisa specifically mentioned the Lagki Deepwater Port project under construction in the Nigerian Economic Center Lagos. The project is supported by Chinese funding and is expected to be put into operation by the end of this year.According to reports, 170,000 jobs will be created after the project is operated, and the government will bring billions of dollars to the government through taxation, franchise fees and tariffs.

Peter Cagwanga, head of the Kenyan African Institute of Policy, believes that China's "Belt and Road" initiative provides good financial support for the development of African countries.For example, the Kenya Mongolian railway undertaken by China Enterprises promoted the development of local industrialization and economic and trade activities along the line, and created a large number of employment positions.

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