China to cancel the debt of relevant African countries as interest-free government loans

Chinese President, Xi Jinping, has promised that his country will cancel the debt of relevant African countries, particularly those that are hardest hit by the coronavirus, in the form of interest-free government loans that are due to mature by the end of 2020, .
This is even as President Muhammadu Buhari yesterday called on the international community to support collaborations and initiatives aimed at sharing knowledge from research and science to fight the coronavirus pandemic.
President Xi who spoke yesterday at a virtual Extraordinary China-Africa Summit on Solidarity Against the COVID-19 co-hosted by the Forum for China-Africa Cooperation (FOCAC), also pledged to continue to work with other members of the G20 to implement the DSSI while urging the G20 to extend debt service suspension still further for countries concerned, including those in Africa.
The summit was co-hosted by the Chinese president, South African president, AU chairperson, Cyril Ramaphosa, and Senegal president and co-chair of FOCAC, Macky Sall.
Xi said, “Within the FOCAC framework, China will cancel the debt of relevant African countries in the form of interest-free government loans that are due to mature by the end of 2020. For those African countries that are hardest hit by the coronavirus and are under heavy financial stress, China will work with the global community to give them greater support, by such means as further extending the period of debt suspension, to help them overcome the current difficulty.
“We encourage Chinese financial institutions to respond to the G20’s Debt Service Suspension Initiative (DSSI) and to hold friendly consultations with African countries according to market principles to work out arrangements for commercial loans with sovereign guarantees.
“China will work with other members of the G20 to implement the DSSI and, on that basis, urge the G20 to extend debt service suspension still further for countries concerned, including those in Africa.
He urged the world to mobilise resources and do whatever it takes to protect lives, adding that China will do whatever it can to support procurement of supplies, sending medical experts and in other diverse ways.
Noting that China and Africa account for nearly one-third of the global population, President Xi pledged to step up support for Africa, adding that China will provide $2billion over two years to support the work of the world Health Organisation (WHO) in the fight against the coronavirus pandemic.
“In the face of COVID-19, China and Africa have withstood the test of a severe challenge. The Chinese people have put up a fierce fight and made enormous sacrifice to bring the situation in China under control.
“Still, we remain mindful of the risk of resurgence. In the same spirit, governments and peoples in Africa have put up a united front and, under the effective coordination by the African Union, have taken strong measures to effectively slow the spread of the virus. These are indeed hard-won results.”
He noted that COVID-19 is still affecting many parts of the world and both China and Africa face the formidable task of combating the virus while stabilising the economy and protecting people’s livelihoods.
“We must always put our people and their lives front and center. We must mobilise necessary resources, stick together in collaboration, and do whatever it takes to protect people’s lives and health and minimize the fallout of COVID-19.
“First, we must stay committed to fighting COVID-19 together. China will continue to do whatever it can to support Africa’s response to COVID-19. China will lose no time in following through on the measures I announced at the opening of the World Health Assembly, and continue to help African countries by providing supplies, sending expert teams and facilitating Africa’s procurement of medical supplies in China.
“China will start ahead of schedule the construction of the Africa CDC headquarters this year. China will work with Africa to fully deliver the health care initiative adopted at the FOCAC Beijing Summit, and speed up the construction of China-Africa Friendship Hospitals and the cooperation between paired-up Chinese and African hospitals. Together, we will build a China-Africa community of health for all. We pledge that once the development and deployment of COVID-19 vaccine is completed in China, African countries will be among the first to benefit.”
Xi urged the world to stay committed to upholding multilateralism. He stated: “In the face of COVID-19, solidarity and cooperation is our most powerful weapon. China will work with Africa to uphold the UN-centered global governance system and support WHO in making greater contribution to the global COVID-19 response. We oppose politicisation and stigmatisation of COVID-19, and we oppose racial discrimination and ideological bias. We stand firm for equity and justice in the world.”
He further stressed that China will stay committed to taking China-Africa friendship forward. “The world is undergoing profound changes unseen in a century. Given the new opportunities and challenges we face, closer cooperation between China and Africa is needed, more than ever. On my part, I will stay in close touch with all of you, my colleagues, to consolidate our friendship and mutual trust, support each other on issues involving our respective core interests, and advance the fundamental interests of China and Africa and, for that matter, of all developing countries. This way, we will be able to take the China-Africa comprehensive strategic and cooperative partnership to a greater height.”
PMB Seeks Global Cooperation In COVID-19 Fight At Virtual Summit
On his part, President Muhammadu Buhari said that Nigeria would support and join any joint and collective action plan at regional and global levels to tackle the COVID-19 pandemic and its fallout.
A statement by his special adviser on media and publicity, Femi Adesina, quoted President Buhari as saying: “It is important that we all remain united to save our shared humanity as we face a common pervasive and invisible enemy.
“The fight against a global pandemic that continues to take so many lives, threaten livelihoods and challenging the very fabric of
societies, requires enhanced cooperation and worldwide solidarity. I seize this opportunity to reiterate the need for this Summit to put humanity at the centre of our vision for common prosperity.
“We must learn lessons and share knowledge from research, as we develop more creative, responsive and humane health systems, improve crisis management protocols and support each other in the battle against COVID-19.’’
The Nigerian leader also used the occasion to commend the Chinese government, the United Nations secretary-general, António Guterres and the World Health Organisation for the respective actions and measures to help developing and middle-income countries in Africa to tackle the pandemic.
On the UN, the president praised the secretary-general, for launchingCOVID-19 Response and Recovery Fund for low and middle-income countries to tackle the health emergency, address social and economic consequences of the crisis and strengthen the recovery efforts of most vulnerable countries.
The leadership of the global health body, WHO, was also commended for its advice that enabled Nigeria take measures and enlighten its people on steps to avoid contracting and spreading the virus.
Similarly, President Buhari acknowledged that Chinese support had tremendously strengthened Nigeria’s effort in combating COVID-19, adding that President Xi’s strong support has further demonstrated the spirit of solidarity and enhanced the bond of partnership that already exist among FOCAC Member-States.
President Buhari also provided an update on what his administration has done since the tragedy of the global pandemic hit the country.
“From the outset of the pandemic, we in Nigeria instituted strong surveillance and infection prevention as well as control measures and made provisions to strengthen our testing capacities.
“Several well-equipped treatment and isolation centers were set up across the country to increase bed capacity. In the spirit ofinternational collaboration, medical experts in Nigeria participatedby video link in learning and experience-sharing exercises organized by experts from various countries, including China.”