African nations owe China, its banks and corporations some $143 billion, but are facing a recession due to the pandemic.
African leaders have called for a $100 billion stimulus package to help the continent through the dislocation, Reuters noted. Of this, $44 billion would be gained by not servicing bilateral, multilateral or commercial debt. Officials have called for some loans for the continent's poorest nations to be cancelled, with the rest converted into longer-term lower-interest loans.
The International Monetary Fund and World Bank are both pushing for debt forgiveness in a bid to encourage a post-coronavirus economic recovery. Reuters—citing two sources familiar with the process—reported that Beijing will likely agree to a temporary freeze on debt payments by African nations, as part of an agreement by G20 nations to be finalized this week.
Chinese lending is also at the heart of its Belt and Road Initiative, described as a"Chinese Marshall Plan" designed to connect China to Africa and Europe via six land and maritime networks. Estimated to cost $900 billion, the project will stimulate economic growth and supercharge Beijing's political influence.
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