Breather For Mozambique as China Cancels Some Debt

The government of China has announced a partial pardon of debt totalling U.S.$36 million, equivalent to about 2% of Mozambique's debt with the Asian country, to help in the fight against Covid-19. The partial pardon results from an agreement signed in Maputo by China's ambassador to Mozambique, Wang Hejum, and Mozambique's minister of Foreign Affairs and Cooperation, Veronica Macamo. According to the Minister of Economy and Finance, Adriano Maleiane, Mozambique's public debt currently stands at U.S.$12.37 billion, of which about 16 % is owed to China.

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