Name: China says it is ready to help Kenya with debt
Uploaded: 2021-01-20T18:26:03.000Z
Duration: 2 min 2 s
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Yeah, China stands ready to help can you deal with its debt challenges, its embassy in Nairobi said on Monday, adding that both sides are holding smooth talks over the issues.

Beijing is one of Kenya's biggest external creditors, having lent billions of dollars for the construction of rail lines and other infrastructure projects in the past decade.

But after months of lock down measures, the East African countries revenues have bean pummeled.

Its debts are falling due on ditz grappling with gaping fiscal deficits.

In a statement, the embassy in Nairobi said China attaches great importance to debt suspension and alleviation in African countries, including Kenya.

The embassy said China had signed debt service suspension agreements with 12 African countries.

Aunt provided waivers of matured interest free loans for 15 under the G 20 debt service suspension initiative.

That scheme allows the world's poor countries to defer official bilateral payment through to the end of June.

But last week, World Bank President David Malpass, speaking at the Reuters next conference, expressed frustration at a lack of support for the initiative from the private sector at a time when many countries are grappling with economic on health crises.

Looking at it from the standpoint of the private sector, they say a contract's a contract, but I guess I would push back and say throughout history there have been occasions where there needs to be deep, that reduction and this clearly is one of those occasions.

So I'm I urged the private sector to take a look country by country at the over indebtedness and look for ways to share the burden with the official bilateral creditors.

The Chinese Embassy did not say whether Kenya will get relief through the same G 20 initiative or a separate deal.

 Last week, Kenya's secured a debt repayment relief deal with the Paris Club of International Lenders and is seeking further relief from other bilateral creditors. 