This pandemic could be more severe than the devastating 2008 global financial crisis. African countries most of them teetering to add that default have called for 100 billion u.s. dollar in bailouts and debt relief help them cope with the devastating effects of the outbreak the economies are limping after the ramped-up measures to cover the spread including lockdowns and grounding of errands affecting trade travel and tourism according to the IMF seven of the that five low-income countries in sub-Saharan Africa are in debt distress and a father 9 have a high risk of death distress China is the largest lender to African countries going by last week’s behavior of the Chinese authorities towards Africans in China
I think China has stopped acting nice towards Africa when China lied about the outbreak at the beginning of this year they knew the potential threat the outer proposed especially on African economies one Chinese ambassador in Africa in an interview with a Kenyan TV said the Chinese loan terms was one of the best in the world he insisted that as such there was no need to panic further indicating China’s unwillingness to restructure debts to countries in Africa being battered by the outbreak
The World Bank has predicted larger illustration is coming to sub-Saharan Africa for the first time in 25 years due to an economic downturn caused by the Chinese pandemic most countries will be hit hard by this economic effects majority of the countries will eventually default on debt repayment most countries listed their key and strategic infrastructure and assets as collateral for the Chinese loans in case of a default China could take up these assets likely to happen in Branko in Pakistan this reality has sent fears down the spines of Africana readers the continent finance ministers met on Tuesday
They called for debt relief and fiscal stimulus packages for all countries in a statement issued after the meeting they say however of our interest payments on bilateral animate retro debt and an extension of the waiver the medium-term would allow them to focus on dealing with the outbreak my African brothers and sisters it is time to wake up the reality ahead is that we are going to be hit by one of the most devastating recession in the history of the continent another very important factor is that we have always talked about the Chinese debt they have tried to own African countries and
Africa and leadership to avoid taking up too many loans from the Chinese my strongest belief just like the belief of most people out there is that the Chinese authorities withheld key information from the whu-oh and the rest of the world about the possibility of this pandemic spreading across the whole world the one news way back in December last year telling us about a spread that is spreading from human to human but the Chinese authorities told the rest of the world to not only because that this was under control I do believe that the Communist Party in China realized the potential catastrophe that this pandemic would have caused to the rest of the world
So they kept quiet hoping that it will spread to the rest world and as it has done right now we are in destruction because of them the Communist Party in China is not even remorseful soon they will come for the loans on especially on the African continent and other vulnerable countries they will demand the Alone’s failure to which they will take up the assets that they took as collateral for the loans this is the moment African leaders would realize that they have sought as to the Chinese and this is the moment I believe the Chinese will colonize the continent of Africa without firing a single shot there is in general welcome to the new colony of China as we had predicted some few years back let me know what your thoughts are in the
the comment section below.