China suspends debt repayment for 77 developing nations, regions

China suspends debt repayment for 77 developing nations, regions

BEIJING, (APP):China had announced the suspension of debt repayment for 77 developing countries and regions as the nation was working with other G20 members to carry out the G20 debt relief initiative for low-income countries, Chinese officials said at a press briefing at the State Council Information Office on Sunday.

        China announced in May that it would provide $2 billion over two years to help other countries respond to the impact of the coronavirus pandemic, according to Global Times.

        Ma Zhaoxu, Vice Minister of Foreign Affairs, said the fund would 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."

The fund included both bilateral aid and multilateral donations, according to Ma.

        China was 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 their economies, Ma said.

        China had made multilateral donations to the World Health Organization (WHO) of $50 million, and provided assistance to global organizations including the Global Alliance for Vaccines and Immunization. China also actively assisted in the fundraising event organized by the Solidarity Response Fund of the WHO in China.

        Ma also revealed at the press briefing that China's cooperation mechanism with 30 African hospitals was currently in the process of being set up.

The white paper released on Sunday showed a record of China's efforts in its own fight against the virus, explained its experience with the rest of the world, and clarified its ideas on how to combat the virus globally.