Chinese Government cancels $30 million of the Government of Madagascar's outstanding debt obligations

On November 12, 2001, China’s Assistant Minister of Foreign Trade and Economic Cooperation, He Xiaowei, and the Government of Madagascar’s Acting Minister of Foreign Affairs, Maarouf Azali, signed a debt forgiveness agreement on behalf of their respective governments. According to the agreement, the Chinese Government cancelled $30 million of the Government of Madagascar’s outstanding debt obligations. These outstanding obligations reportedly represented 64 percent of the Government of Madagascar’s total outstanding obligations to the Chinese Government.

Additional details

In 2015, the Chinese Ambassador to Madagascar noted that his government had forgiven RMB 349 million (or approximately $54.6 million) of the Government of Madagascar’s outstanding debt obligations since 2000. This figure is roughly equivalent to the combined value of the debt forgiveness that the Chinese Government granted to the Government of Madagascar on November 12, 2001 (captured in Project ID#19706) and on July 28, 2007 (captured in Project ID#60823). This project is not marked as umbrella because we do not capture any loan projects in Madagascar prior to 2005, so there is no risk of double-counting.

Number of official sources

1

Number of total sources

9