Chinese Government cancels RMB 260 million of the Government of Zimbabwe’s outstanding debt obligations
Pledged amount
$ 46424024.76588258
Adjusted pledged amount
$ 46424024.76588258
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Unspecified Chinese Government Institution [Government Agency]
Recipient
Zimbabwe
Sector
Action relating to debt (Code: 600)
Flow type
Debt forgiveness
Infrastructure
No
Category
Project lifecycle
Description
On 21 December 2015, China verbally pledged to cancel RMB 260 million of the Government of Zimbabwe’s outstanding debt obligations. The debts that were forgiven were scheduled to mature in 2015. Finance Minister, Patrick Chinamasa, and Central Bank chief, John Mangudya, took part in the negotiations, as well as Chinese President, Xi Jinping, and Zimbabwean President, Robert Mugabe. According to one source, as of December 2015, the two governments were still negotiating the scale of debt forgiveness.
Additional details
The loans forgiven through this action were almost certainly interest-free loans committed through previous ETCAs. As such, the loans likely had maturity lengths of 20 years and since they had reached maturity by 2015, they were likely contracted prior to 2000. Therefore, AidData has not assigned this record to the umbrella category (as there is little risk of double counting the monetary value of the debts that were forgiven).
Number of official sources
3
Number of total sources
18
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Zimbabwe [Government Agency]