China bails out Republic of Congo with second debt restructure
Posted on June 22nd, 2021
Courtesy The South China Morning Post
- Xi Jinping responds positively to direct appeal from his Brazzaville counterpart to renegotiate terms of US$2.4 billion loans
- A renewed agreement with Chinese lenders will help the central African country unlock funding from the IMF
China has once again come to the rescue of the Republic of Congo, with President Xi Jinping agreeing to restructure the central African country’s US$2.4 billion worth of loans amid a debt crisis.
In a call with Xi on Monday, President Denis Sassou Nguesso asked China to restructure the loans, according to officials in Brazzaville. Finance Minister Rigobert Roger Andely told a media briefing Xi had approved the request and thanked him for this proposition”.
Andely said a team would be appointed with representatives from both sides to agree on the terms and conditions of the debt restructuring deal.
June 25th, 2021 at 6:38 am
where ever there are valuable natural resources, all world economies wants to get in and grab as much as possible and the politicians who mainly benefit will stash the money in a Western country like Switzerland. That what Mombutu did who got rid of Lumumba and ruled the country, stole over 40 billion dollars and stashed it abroad, leaving it with others and died of cancer.Their greed is beyond belief, the reason why arms groups are trying to ether defend their country or support another robber.
If China is very genuine in doing trade and investing, must show their sincerity by allowing Congolese to travel to China and Hong Kong Visa free.They must create a hardworking middle class that would safeguard the interest of the country and will be knowledgeable enough to keep an eye on every one and their assets from the vultures within and vultures outside the county.
China could help to develop the living standards of the countries they invest, being a socialist country must make sure the politicians do not steal the assets. Western countries failed the third world and the hardworking middle class are prisoners in their countries without no easy access to the rest of the world. No two bit politician in our countries ever give a thought to their people, truly selfish.This is the plight of the third world.