Washington has a duty to help solve Africa’s financial problems, Beijing says
China has called on the United States to make greater efforts to resolve the debt problems facing African countries, following Washington’s allegations that Beijing was hampering financial aid to the continent.
Speaking in the Chinese capital on Monday, Foreign Ministry spokesman Wang Wenbin dismissed accusations that his country was responsible for a debt trap in Africa, saying instead that China had always engaged with African nations on the basis of mutual benefit and equality.
Wang accused some western politicians attempt to sabotage China’s cooperation with developing countries.
“Their towers have been seen by developing countries and the international community, and there is no market for them,” the official told reporters.
China has been a major source of loans for African countries, but its lending practices have come into question as countries like Ghana and Zambia struggle to repay their debts.
While Beijing has defended its loans as necessary for economic development in the region, some have expressed concerns about the impact on recipient economies. In a recent interview, World Bank President David Malpass said the terms and conditions of some of the Chinese loans needed to be clearer.
“What I strongly encourage is that they be transparent in their contracts. That was one of the problems; if you write a contract and say “but don’t show it to anyone else”, that’s a disadvantage. So get away from it, Malpass told the media.
Wang noted on Monday, however, that the United States is the largest shareholder in the World Bank and the International Monetary Fund (IMF). The two organizations account for almost 70% of the total debt held by multilateral financial institutions. The Chinese diplomat also said that the financial capital of the United States and Europe is the most important commercial creditor of African countries, which means that Washington faces a “inevitable responsibility” participate in the resolution of debt problems.
“We urge the US side to seriously assume its responsibilities and redouble its efforts to promote the substantial participation of multilateral financial institutions and commercial creditors in resolving Africa’s debt problem,” he added. Wang said.
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