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Good News for Kenya as China Expresses Willingness to Suspend Debt

James Musyoki

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As one of the measures to help developing countries in their fight against the COVID-19 pandemic, China has indicated its willingness to suspend Kenya’s debt. Through its Nairobi embassy, China has expressed its readiness to strengthen coordination with Kenya in its efforts to address debt challenges.

 

“Africa’s need is always China’s concern. We stand ready to strengthen coordination with Kenya and assist Kenya in its efforts to address debt challenges… Both sides are now keeping efficient communication through a smooth channel.” said the embassy. 

 

Already, the Export-Import Bank of China and the China International Development Cooperation Agency have implemented all eligible debt suspension requests of the developing nations. This is according to the Embassy which stated, “China attaches great importance to debt suspension and alleviation in African countries including Kenya and is committed to fully implementing the G20 Debt Service Suspension Initiative (DSSI).”

 

So far China has provided waivers to 15 African countries for their matured interest-free loans and in addition, signed debt service suspension agreements with 12 African countries under the G20 framework. Of all the G20 members, China is the state that has cumulatively suspended the most debt services.

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