#CHINA is #CALLING in #LOANS to #dozens of #COUNTRIES from #Pakistan to #Kenya?????
A #dozen_POOR_COUNTRIES are facing #economic_instability and even #collapse under the weight of hundreds of $billions of dollars in #foreign_loans, much of them from the world’s #biggest and most #unforgiving #government_lender, #CHINA.
An Associated Press analysis of a dozen countries most indebted to China — including Pakistan, Kenya, Zambia, Laos and Mongolia — found paying back that debt is consuming an ever-greater amount of the tax revenue needed to keep schools open, provide electricity and pay for food and fuel. And it’s draining foreign currency reserves these countries use to pay interest on those loans, leaving some with just months before that money is gone.
Behind the scenes is China’s reluctance to forgive debt and its extreme secrecy about how much money it has loaned and on what terms..
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