China writes off Malawi loans, wants tight security in Africa

China has announced it is to write off all interest free loans and soft loans to Malawi and other African countries.

Look East sweet news: Malawi President Mutharika with Chinese Premier Li Keqiang
Look East sweet news: Malawi President Mutharika with Chinese Premier Li Keqiang

The deputy Chinese ambassador to Malawi said this Tuesday in Lilongwe at a news conference ahead of Africa China summit to be held in South Africa in December and Malawi President Peter Mutharika will attend.

The deputy ambassador said the move would accelerate development in Malawi and other African countries, most of whom are fighting chronic poverty, 50 years after independence.

However the Chinese envoy could not say how much Malawi owes China in soft loans and interest free loans and ministry of Finance officials asked for more time to cross check the figures.

China’s assistance to Malawi has been growing steadily, he pointed out.

The envoy said China has set aside US$2 billion for development activities in Africa and another US$12 billion to enhance trade with African countries and promised that China would remain a friend to the continent..

He said China wants to enhance security programmes in Africa so that the continent is a paradise of investment opportunities.

China has emerged as an alternative lender to the International Monetary Fund for the poor African nations with no conditionalities.

The Chinese aim to improve its ties to African countries on which it relies for oil, copper and other commodities that fuel China’s booming economy.

But Beijing’s involvement has been criticized for resource-extraction projects accused of being exploitative, and for striking deals without adequate concern for human rights. Critics argue that Chinese investors should demand transparency and good governance before granting aid and financing development projects.

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Pats
Pats
5 years ago

There is nothing for mahala. They took more than what the malawian govt got from the. China is playing the same game like europe. Developing their nation with raw material from africa. Same format.

Sean mwangulu
Sean mwangulu
5 years ago

CHINA NDI DEAL

wika
wika
5 years ago

The point to remember is; what the Goverment gives, it must first take away.by……

Sothini MbwenuMbwenu
5 years ago

China do us favor,
Can’t you buy us Our own own National Flight

murupale
murupale
5 years ago

Wakwiya ndi mfiti…What ever China wants in Malawi pliz go ahead…what we want is a financial support….Some stupid opposers think we should keep on suffering……hehedeeeeee …ambwenu mbwenu kunyasa ngati mulomo wachakwera…

Gas Machinehead
Gas Machinehead
5 years ago

Mbanga, I agree with u 105%

pyuta
pyuta
5 years ago

ngongole ngongole ngongole

Prince Edward rsa
Prince Edward rsa
5 years ago

The loan pocketed by pitala then how malawians can benefit it nosense.

Mlauzi
Mlauzi
5 years ago

One cannot comment meaningfully on the matter unless one sees the figures. I mean we need to see the real impact on the economy. Otherwise, some real good tidings for Malawi and Africa in general. We need to take advantage of the opportunity cost of not repaying the said loans/ interest and redirect the resources meant for same on other priority areas such as Health, Agriculture, Education, Public Infrastructure etc.

mbanga
mbanga
5 years ago

bushiri has bought a second plane. as a man of God he must give one to APM

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