CHINA CANCELS K34 BILLION OF MALAWI’S DEBT.
By: Malawi24
The Government of Malawi has begun cutting down its K17 trillion national debt after China forgave part of the country’s outstanding loans.
According to Lu Xu, the Chinese Ambassador to Malawi, China has cancelled USD 20 million (over K34 billion) of Malawi’s debt and has also extended the repayment period for other existing loans
Ambassador Lu made the announcement during a training session for newly elected Members of Parliament in Lilongwe.
Meanwhile, Malawians on social media have shared mixed reactions, with some saying the move shows growing international confidence in President Peter Mutharika, who has recently been elected as the country’s new leader.