This archive report was first published on 24 October 2019.
On October 24, 2019, Russia's President Putin announced a significant move in its Africa strategy, writing off over $20 billion of African debt. This debt forgiveness initiative is part of Russia's efforts to strengthen its ties with African countries.
The move is seen as a strategic move by Russia to expand its influence in Africa, where other superpowers are also vying for a foothold. According to President Putin, the debt forgiveness is necessary as many African countries were struggling to service their debts.
Speaking before the Russia-Africa Forum in Sochi, President Putin explained that Russia's debt forgiveness is a pragmatic step to ease Africa's liability burden. He noted that Russia had previously written off $20 billion of African countries' debts to the Soviet Union, citing both generosity and pragmatism.
“Let me point out that in the post-Soviet period, Russia canceled $20 billion of African countries’ debts to the Soviet Union. This was both an act of generosity and a pragmatic step because many of the African states were struggling to service those debts,” Putin told Tass.
Russia's debt forgiveness initiative is closely linked to its arms deals with African countries. For instance, the debt write-off for Ethiopia relates closely to Moscow's plan to expand Russian Military tech co-operation with Ethiopia.
As the Russia-Africa economic summit comes to a close, the world anticipates more moves from Russia in its efforts to strengthen its ties with African countries.
