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Africa in Trouble After Politicians Accepted too Much Money from China, Pledge Support in Return for Debt Forgiveness

This all sounds so familiar… who else does China own?

Africa, after years of borrowing money from China on easy terms, many countries in the region who are saddled with debt they can’t repay, one country at least has pledged allegiance to China in exchange for debt forgiveness.

Leaders around the African continent, after being wined and dined by the PLA “were eager to accept anything they could get for projects such as a hydropower dam and a 50,000-seat soccer stadium,” Bloomberg News reported.

Relationships were developed that opened up Africa to countries, allowing Chinese business to control Zambia’s natural resources, building resentment with people native to Zambia, who felt they were losing their jobs, wealth and country,

For example, media reports indicate that Zambia started to take out loans from Chinese banks for airports, hospitals, housing projects, and the roads connecting them.

 

The country is in so much trouble that the leader of Zambia asked for total debt forgiveness from China this week, in exchange for supporting China and their policies.

A Kenya paper reported:

“President Lungu called for debt relief and cancellation in light of reduced revenue due to the negative impact of the pandemic, as well as competing needs for the country, to secure adequate resources to fight the pandemic and to stimulate the economy,” said a statement issued by Spokesman Isaac Chipampe.

Zambia’s public debt has increased significantly in recent years although it’s unclear exactly how much is actually owed to China.

The two leaders agreed to continue working closely together to safeguard common interests, including on matters concerning the United Nations Security Council.

The statement said President Lungu reaffirmed Zambia’s commitment to the aspirations of the Forum on China-Africa Cooperation which has yielded tangible benefits for Zambia through a number of developmental projects.”

After accepting Chinese money, there is an increase in domestic strife with the people of Zambia.

https://twitter.com/AfricaFactsZone/status/1263009030500425728?s=20

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