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IPFS News Link • China

China Suspends Debt Repayments For 77 Developing Countries And Regions

• Zero Hedge - Tyler Durden

Even as whispers of a grand debt jubilee grow in the developed world, China on Sunday announced the suspension of debt repayment for 77 developing countries and regions as "the nation is working with other G20 members to carry out the G20 debt relief initiative for low-income countries," the Global Times reported, citing Chinese officials at a press briefing at the State Council Information Office. The debt moratorium comes after China announced in May it would provide $2 billion over two years to help other countries respond to the impact of the coronavirus pandemic.

Ma Zhaoxu, Vice Minister of Foreign Affairs, said that the fund will be not only include medical supplies, but also support other countries restart their economies and development. Ma made the comment at the press briefing to release the white paper titled "Fighting COVID-19 China in Action."

China's virtue signaling generosity did not end there: Ma added that China is negotiating bilateral aid with recipient countries in need in an equal manner to identify assisting projects to help developing nations improve public health standards, improve their livelihoods and resume th