Agreement on Chinese debt relief for Angola in prospect

6 October 2020

The Chinese Foreign Ministry says an agreement on relieving the pressure on Angola of its debt to China should be ready to sign soon.

A spokesman for the ministry, Wang Wenbin, told a press conference that representatives of Chinese financial institutions and the Angolan authorities had reached basic accord on a debt restructuring plan.

The state-owned Export-Import Bank of China had helped Angola apply to the International Monetary Fund for emergency financial assistance, and was ready to help Angola avail of a scheme by the G-20 group of countries for lightening the burden of debt borne by African states, Mr Wang said.

In June the Portuguese news agency, Lusa, reported that Angola owed China US$28.6 billion at the end of last year.

(Source) Permanent Secretariat to the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (Macao):