China and many African nations have had a long history of solid political and economic ties. Kenya . Furthermore, half of Ethiopia’s external debt is owed to China with government debt … China and Africa’s debt: Yes to relief, no to blanket forgiveness. Ethiopia has taken massive loans from China, estimated to be more than $12.1 billion since 2000. According to a report published in 2017, Chinese investments in Ethiopia have been growing at a rate of 52%. This is a list of African countries which have the highest China debt as of 2018. Eighty percent of Nigeria’s bilateral debt is owed to China. Last updated Jan 23, 2020 at 8:54PM by John Nyabuto. Ethiopia now owes an estimated $16 billion to Chinese lenders, roughly half of Ethiopia’s total debt. It nonetheless downgraded Ethiopia’s rating from B to CCC on 9 February, as it says that there is a real risk for private lenders. Even after the discovery of oil in the northern part of the country, nothing in essence is working towards cutting down the levels of debt to China. About 60 percent of foreign direct investments to Ethiopia came from China in 2019. Donor governments such as Canada, China, France, the United Kingdom, the United States, and others should support immediate debt moratorium for 2020 and 2021 so that countries like Ethiopia can use their limited resources to expand social protection for their citizens. Restrictive measures to curb the spread of the coronavirus remain largely in place, with only some schools reopening in late October. The debt levels have slowed down some projects due to repayment issues, but there is now a new structure for these debts that makes it a little bit affordable for Ethiopia to repay. The three agencies agree on one point. In 2012, the IMF found that China owned 15% of Africa’s external debt, and hardly three years later roughly two-thirds of all new loans were coming from China. As such, domestic demand is set to be dented in the quarter. Ethiopia needs foreign exchange: Exports have dwindled, and external debt has grown 26% since 2016, to $27 billion—more than a quarter of the country’s likely 2020 … The African nation has racked up tens of billions of dollars of debt, with reports that about half of Ethiopia’s external debt is owed to China, with government debt standing at 59%. Midway through the second quarter of FY 2020 (8 July 2020–7 July 2021), the economic panorama remains grim. January 23, 2020. China … In Ethiopia’s case, however, it is the reprofiling of official bilateral debt that will have the greatest impact on overall debt sustainability,” says ratings agency Fitch. 3. The volume of financial flows to China and the level of its external debt stock are not Ethiopia - External Debt.

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