Africa-Press – Zambia. Socialist Party President Dr Fred M’membe spoke out on the African debt crisis in an interview with China Global Television Network (CGTN). He criticized the claims that China is responsible for the debt crisis in Africa and pointed out that Western financial institutions, such as the World Bank, IMF, and commercial creditors, hold a large portion of Africa’s external debt.
According to Dr M’membe, Western private lenders hold 35% of Africa’s external debt compared to just 12% owed to Chinese lenders. He also mentioned the role of Western institutions in African countries such as Zambia, where multilateral financial institutions and Western commercial lenders hold a majority of the country’s external debt.
Dr M’membe highlighted that the causes of the African debt crisis are multi-faceted and include the COVID-19 pandemic, geopolitical conflicts, and a decline in global economic growth, among others. He also pointed out that the rate hikes by the US Federal Reserve and the strengthening of the US dollar have added to the debt service burden of African countries.
In contrast, Dr M’membe spoke highly of China’s support for the African countries, pointing out that China has been a strong supporter of the Group of 20 Debt Service Suspension Initiative and has signed agreements with 19 African countries for debt relief. He dismissed claims that China is a predatory lender and that its financial assistance to Africa is aimed at practicing a new form of colonialism in Africa. He stated that China has helped in the construction of important socio-economic and cultural projects in Africa, such as roads, bridges, hospitals, and schools, creating job opportunities for millions of Africans.
Dr M’membe emphasized that there is a great trust and credibility in the China-Africa cooperation and that China is considered a reliable partner by many independent-minded Africans. He concluded by saying that accusations against China are just a red herring to absolve the West of any responsibility and that an honest analysis would reveal China’s positive contribution to Africa.
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