Completed Development AidData Chinese Aid

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

¥180.29M RMB

Funder	China Ministry of Commerce
Recipient Organization	Government of Madagascar
Country	Madagascar
Start Date	Nov 04, 2006
End Date	Oct 08, 2030
Duration	8,739 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`60823`

Grant Description

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.

📚 Sources & References

China to cancel more debt owed by poor African countries
INITIATIVE EN FAVEUR DES PAYS PAUVRES TRES ENDETTES (PPTE) ÉTAT D’AVANCEMENT
INTERNATIONAL MONETARY FUND AND INTERNATIONAL DEVELOPMENT ASSOCIATION REPUBLIC OF MADAGASCAR Joint World Bank/IMF Debt Sustainability Analysis
Republic of Madagascar: Second and Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver and Modification of Performance Criteria—Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Republic of Madagascar
Republic of Madagascar: Enhanced Initiative for Heavily Indebted Poor Countries Completion Point Document
Debt Relief with Chinese Characteristics
SAIS-CARI China's Debt Cancellation In Africa Database*
Coopération Chine-Afrique : De nouvelles mesures seront prises
Relation Commerciale Entre Madagascar Et La Chine 2005-2009
China and Madagascar: Engagement
Perceptions, and Developmental Effects
Relation entre Chine et Madagascar: quid du modèle gagnant-gagnant chinois
崇泉部长助理率中国政府经贸代表团访问马达加斯加 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.

All Grantees

Government of Madagascar

Interested in applying for this grant?

Complete our application form to express your interest and we'll guide you through the process.

Apply for This Grant