This archive report was first published on 19 June 2020.
On June 17, 2020, President Xi Jinping of China announced that the country would cancel interest-free loans to African countries that were originally due to mature by the end of 2020.
The move is part of Beijing's efforts to relieve virus-stricken countries in financial distress, according to President Xi. He made the announcement at the Extraordinary China-Africa Summit.
China's support for Africa during the current health crisis will include debt relief in line with the G20 moratorium and the FOCAC framework, President Xi said.
President Uhuru Kenyatta of Kenya thanked China for the COVID-19 related support given to African countries, including Kenya.
Kenya, which has a significant debt burden, is expected to hand in Sh78.4 billion to China this year, a third of its total debt due this year.
Debt has risen to Sh6.2 trillion or 58 per cent of the country's GDP, with the Treasury downgrading this year's economic growth outlook to between 1.8 and 2.5 per cent from the forecast six per cent.
