Chinese Government cancels RMB 260 million of the Government of Zimbabwe’s outstanding debt obligations

📋 Staff Comments

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).

📚 Sources & References

• China cancels Zimbabwe debt
• Mugabe scolds banks
• Zimbabwe says China to cancel $40 million debt, increase yuan use
• Zimbabwe to expand use of yuan as China cancels $40m debt
• China buys its first African colony for a meagre $40 million
• Zimbabwe’s curious plan to adopt China’s currency
• Zimbabwe Switches to Yuan as Reserve Currency
• ZIMBABWE MAKES CHINESE YUAN LEGAL TENDER
• WHAT DOES CHINA REALLY WANT FROM ZIMBABWE?
• Debt Relief with Chinese Characteristics, 2019_Blue_Book_Combined (1)
• Zimbabwe: China’s ‘All-Weather’ Friend in Africa
• Zimbabwe said China will forgive 260 million yuan of debt in circulation next year
• China will forgive Zimbabwe's 260 million yuan of debt in circulation next year
• 津巴布韦：中国将免除2.6亿元债务 明年初将用人民币作流通货币
• Zimbabwe to make Chinese yuan legal currency after Beijing cancels debts
• SAIS-CARI China's Debt Cancellation In Africa Database*
• Chinese Loans to Africa Database
• Examining the Debt Implications of the Belt and Road Initiative from a Policy Perspective Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.