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Overview

Chinese Government cancels RMB 180,290,000 of the Government of Madagascar's outstanding debt obligations

Commitments (Constant USD, 2023)$42,436,171
Commitment Year•2006Country of Activity•MadagascarDirect Recipient Country of Incorporation•MadagascarSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 4, 2006

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

Government Agencies

  • China Ministry of Commerce

Receiving agencies

Government Agencies

  • Government of Madagascar

Loan description

Chinese Government cancels RMB 180,290,000 of the Government of Madagascar's outstanding debt obligations

Narrative

Full Description

Project narrative

On July 28, 2007, the Chinese Government agreed to cancel RMB 180,290,000 of the Government of Madagascar’s outstanding debt obligations. Then, 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 Record ID#19706) and on July 28, 2007 (captured in Record ID#60823).

Staff comments

In the dataset of Chinese debt cancellation and restructuring deals that SAIS-CARI released in June 2020, it does not record the amount of debt forgiveness (RMB 180,290,000) that the Chinese Government granted to the Government of Madagascar in 2007. This project is not marked as umbrella. Our dataset includes one loan project in 2005 to Madagascar before this debt forgiveness, but the 2005 loan remained on Madagascar's external debt registries as of 2015 and 2017 (see sources), so the 2005 project was not included in the 2007 loan forgiveness captured in this project.