China Backs Redistributing IMF Resources to Poor African Nations

China supports a proposal to redistribute the International Monetary Fund’s resources from major economies to poor African nations struggling to shore up their finances amid the coronavirus pandemic.

In remarks to a France-backed summit to finance African countries, Chinese Vice Premier Han Zheng said Beijing wants commercial creditors, multilateral lenders and developed countries to take concrete action to lower the debt burden of the continent that has yet to emerge from its worst recession in decades.

Han also reiterated that China, the world’s biggest national bilateral lender to developing economies, will fully implement a Group of 20 initiative to temporarily waive debt payments from poor countries.

French President Emmanuel Macron on Tuesday urged other rich nations to follow its example and commit part of their IMF’s special drawing rights to triple Africa’s share of the funding to $100 billion.

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