China a partner of African countries to help them get out of poverty trap: FM spokesperson

(ECNS) -- China is not the source of African countries' “debt trap”, but a partner to help these countries get out of poverty trap, Chinese Foreign Ministry spokesperson Wang Wenbin said at a regular press conference in Beijing on Monday.

Wang made the remarks when asked his comment on some allegations made by some senior U.S. officials and officials of the World Bank who criticized China on Africa’s debt issues, calling China a barrier to African countries’ debt reduction and asking China to do more for these countries’ debt restructuring.

“Some politicians in the U.S. and other Western countries use various narrative traps to disrupt and sabotage cooperation between China and other developing countries, but their gimmicks have been debunked and they now find it more difficult to get audience in developing countries and the larger international community,” said the spokesperson.

Such allegations have no factual basis, he said.

Wang stressed that China attaches great importance to Africa’s debt issue and works intensively to help Africa cope with it. China has contributed more to the Debt Service Suspension Initiative (DSSI) than any other G20 member, he added.

The latest research findings of the SAIS China-Africa Research Initiative at the Johns Hopkins University show that China has actively participated in the G20’s DSSI, and contributed 63 percent of debt service suspensions. The report indicated that China has had good communication with other participating parties, effectively implemented the DSSI and fulfilled its role fairly well.

The spokesperson noted that Nigeria’s Vice President Yemi Osinbajo recently said that the preoccupation of Western governments with the so-called China debt trap might well be an overreaction.

China shows up where and when the West will not or are reluctant and China is a better ally for Africa, Wang said.

He pointed out that China is always committed to providing support to fellow developing countries, including African countries, for their socioeconomic development, always conducts investment and financing cooperation with them based on the principle of equality and mutual benefit and always does its best to help them reduce debt burdens.

He cited statistics from a World Bank report as saying that nearly three quarters of Africa’s total external debt is held by multilateral financial institutions and commercial creditors, and they combined hold the bulk of Africa’s debt.

"The World Bank and the International Monetary Fund (IMF) account for nearly 70 percent of Africa’s debt owed to multilateral financial institutions. The U.S. is the largest single shareholder of the World Bank and the IMF and the financial capital from the U.S. and Europe is the biggest commercial creditor for African countries. They have unshirkable responsibility in terms of resolving Africa’s debt," the spokesperson said.

He urged the U.S. to earnestly step up to its responsibility and make greater effort to work on the substantive participation of multilateral financial institutions and commercial creditors in the handling of Africa’s debt issues.