Just 12% of African governments’ external debt is owed to Chinese lenders compared to 35% owed to Western private lenders, according to the calculations based on World Bank data.2

Furthermore, interest rates on private loans are almost double those on Chinese loans, while the most indebted countries are less likely to have their debt dominated by China.

12 of the 22 African countries with the highest debts are paying private lenders over 30% of their total external debt payments (Cabo Verde, Chad, Egypt, Gabon, Ghana, Malawi, Morocco, Rwanda, Senegal, South Sudan, Tunisia and Zambia). In contrast, debt payments to Chinese lenders are over 30% in just six of the 22 countries (Angola, Cameroon, Republic of Congo, Djibouti, Ethiopia and Zambia).

IMF Managing Director Kristalina Georgieva has called on the UK and US to pass legislation to stop private lenders blocking debt relief agreements.3 President of the World Bank David Malpass has made similar calls.4 Virtually all international debt contracts are governed by New York or English law5, with 90% of bonds of countries eligible for the G20’s debt relief scheme are governed by English law.6

In 2020 and 2021 China took part in the G20’s debt service suspension initiative, but the scheme only suspended 23% of the external debt payments of countries which applied, because private and multilateral lenders were not included.7 Western governments need to make their private lenders take part in debt restructurings to convince China to also move further on debt relief.

debtjustice.org.uk/press-release/african-governments-owe-three-times-more-debt-to-private-lenders-than-china

private lenders =/= CCP

That's kind of the point lmao

Dude responded to all that in 5 secs literally didn't read shyt except CHYNA das all he need

Dam right

I feel like at this point, the propaganda did irreperable damage. Western media like Bloomberg, The Atlantic, and even USAID have started to cast doubt on the idea. People have long ran off with what they think is happening tho and are just ignoring the contracts we have access to now and reports done since

theatlantic.com/international/archive/2021/02/china-debt-trap-diplomacy/617953

africa.businessinsider.com/local/markets/african-countries-are-three-times-more-indebted-to-western-firms-than-to-chinese/9g4ly6f

Like I said you're just an American nationalist

Your empire is self-destructing tho thank god I just hope u mfs don't go out crayz like the Ottomans or Germans

My “empire” is going nowhere. China on the other hand…

Even western libs who are still able to look at the world somewhat soberly recognize it's bullshyt

Anybody pushing this lie still is knowingly trying to make the global south more subservient to the west tbh

Lmao sure bro

Keep believing this please bc u cacs tend to turn into genocidal maniacs when you get anxious about your power slipping away from u

it's not about cacs or not cacs

You say that like America isn’t multiracial. China’s population is in decline. Russia is a joke. The US will be on top unless it fractures

Thank you

You're mad, its sad

It's about imperialism yes, western imperialism is just the most dominant and exploitative atm

Mad about western imperialism in Africa?

Is that supposed to be something I'm supposed to be ashamed of lol?

Yes I'm mad about it and so are most Africans.

We're winning the World Cup this year so burn it all down after that

Ofc you would say that tho lol

Yes I totally agree there. Switzerland is still stealing water and many other old colonialists are still exploiting.

That's why I built a business in Nigeria and employ only locals

The world cup did i miss smth?

this fr gotta be the best troll account on this site, dude has caused more arguments on this sxn than anyone else

I think he's just genuinely stupid

We don't have these r/neoliberal types that much on here so it seems bizarre but they rly out here fr

regardless of what he actually believes i think he's purposefully pushing buttons he knows will get a reply

Oh definitely