Uganda's national debt stood at over US$10 billion in 2018, nearly a third owed to China, according to official figures. "I think our Africa debt to China is over US$145 billion, about US$8 billion in payments required this year ... Asked whether China would offer debt relief to Africa, Chinese foreign ministry spokesman Zhao Lijian on April 7 said he believed ``China will resolve these countries' difficulties via consultation through diplomatic channels.'' "Debt-for-equity swaps may ultimately be a more sustainable deal for African countries, depending on the terms, and they may have little choice.'' The IMF has cancelled six months' worth of debt payments _ US$500 million _ for 25 countries, 19 of them in Africa.

Source: The Standard April 29, 2020 09:33 UTC