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China writes off $78m debt that Cameroon owed it in 2018

Cameroon has been contracting loans from China to build dams, roads, hospitals and other infrastructure./FILE

Yaoundé, Cameroon, Jan 23 – China has written off almost $78 million from Cameroon’s debt after the country failed to pay part of the debt it owes China in 2018.

The written-off amount is money that should have been paid in 2018, but which Cameroon failed to pay, according to Chinese media CGTN.

The debt relief announcement was made after a meeting between President Paul Biya and Yang Jiechi, a special representative of China’s President Xi Jinping.

Cameroon’s total debt burden to China stands at almost $5.7 billion according to the public entity that manages Cameroon’s external debt.

CGTN reported that President Biya flew to China for the third Summit of the China-Africa Cooperation in September last year and, “pleaded with Chinese authorities to ease Cameroon’s debt burden.”

The central Africa country has faced economic hardship worsened by the conflict between the minority English-speaking regions of the country and the Government.

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