• Thursday, April 25, 2019

China writes off $78m debt that Cameroon owed it in 2018

Discussion in 'Middle East & Africa' started by beijingwalker, Jan 24, 2019.

  1. beijingwalker

    beijingwalker ELITE MEMBER

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    China writes off $78m debt that Cameroon owed it in 2018
    Jan 23 – China has written off almost $78 million from Cameroon’s debt after the country failed to pay part of the debt it owes China in 2018.

    The written-off amount is money that should have been paid in 2018, but which Cameroon failed to pay, according to Chinese media CGTN.

    The debt relief announcement was made after a meeting between President Paul Biya and Yang Jiechi, a special representative of China’s President Xi Jinping.

    Cameroon’s total debt burden to China stands at almost $5.7 billion according to the public entity that manages Cameroon’s external debt.

    CGTN reported that President Biya flew to China for the third Summit of the China-Africa Cooperation in September last year and, “pleaded with Chinese authorities to ease Cameroon’s debt burden.”

    The central Africa country has faced economic hardship worsened by the conflict between the minority English-speaking regions of the country and the Government.

    https://www.capitalfm.co.ke/busines...s-off-78m-debt-that-cameroon-owed-it-in-2018/
     
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  2. beijingwalker

    beijingwalker ELITE MEMBER

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    Do we have to write off every debt that others failed to pay us? It's not the right way to do business.
     
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  3. TheNoob

    TheNoob SENIOR MEMBER

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    Look at the bright side. You got more value for your money!
     
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  4. zectech

    zectech FULL MEMBER

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    In tough times in Cameroon, China should pressure them to make payments in resources, like cotton and coffee and oil.
     
    Last edited: Jan 24, 2019
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