China has called on the United States to earnestly shoulder its responsibilities and make greater efforts to address debt issues in African countries. Chinese Foreign Ministry Spokesman Wang Wenbin made the statement at a press conference in Beijing in response to accusations from some U.S. and World Bank officials that China is hindering African debt relief efforts.
“China attaches great importance to debt issues in Africa and actively helps African countries cope with the issues, and has made the largest contribution to the G20 Debt Service Suspension Initiative (DSSI). China has always been committed to providing support for the economic and social development of developing countries, including African countries, and has always carried out investment and financing cooperation with developing countries on the basis of equality and mutual benefit. Our country has always done its best to help developing countries ease their debt burden,” said Wang.
China has been a major player in debt relief efforts for African countries, and Wang emphasised that China is not the source of the debt trap for African countries, but rather a partner in helping them and other developing countries overcome poverty.
“Some Western politicians are weaving traps to disrupt and undermine China’s cooperation with developing countries. Their tricks have been seen through by developing countries and the international community, and there is no market for them,” added Wang.
Wang also pointed out that data from the World Bank shows that multilateral financial institutions and commercial creditors hold nearly three-quarters of Africa’s total external debt, making it the biggest source of debt pressure on developing countries. The debts of the World Bank and the International Monetary Fund (IMF) account for nearly 70 percent of the total debt held by multilateral financial institutions. The United States is the largest shareholder of the World Bank and IMF, and financial capital from the U.S. and Europe is the largest commercial creditor of African countries.
“We urge the U.S. side to earnestly shoulder its responsibilities and make greater efforts to promote the substantive participation of multilateral financial institutions and commercial creditors in addressing Africa’s debt issue,” said Wang.
The issue of African debt has been a pressing concern, and China’s call for the U.S. to take responsibility and play a role in resolving the issue comes amid ongoing debates and discussions on how best to address the debt burden of African countries.
In conclusion, China has emphasised its commitment to supporting African countries in addressing their debt issues and called on the U.S. to take greater responsibility in resolving the problem. The issue of African debt continues to be a topic of global concern, and efforts to find sustainable solutions remain ongoing.