China’s commendable initiatives
"It was not yet clear if the Philippines is among those to benefit from China’s debt-freeze initiative."
IN A goodwill gesture that has earned the praises of poor countries, China said it has decided to freeze payment of loans it has extended to 77 nations adversely affected by the COVID-19 pandemic.
At a press conference in Beijing last June 7, 2020, Chinese Vice Foreign Minister Ma Zhaoxu announced the measure, the first among the ‘Group of 20′ (G20) member-countries to do so.
In the ‘White Paper’ released on the same day by China’s ‘State Council,’ it was stated that the gesture was meant to implement China’s agreement to the decision of the leaders of the G20 for suspension of debt payments by poor countries.
Last March 26, the G20 held an ‘Extraordinary Leaders Summit Meeting’ to coordinate global response to the COVID-19 pandemic, which at the time is already causing havoc in the global economy. On April 15, the G20 released a statement saying its members agreed to a “time-bound debt service payments for the poorest countries” and listed the requirements on how to avail of the facility.
Although it was not yet clear if the Philippines is among those to benefit from China’s debt-freeze initiative, what was clear was that countries in Africa would be among the beneficiaries, as affirmed by Pres. Xi Jinping at an ‘Extraordinary China-Africa Summit Meeting’ last June 18, which he presided.
Aside from the leaders of the African Union, also in attendance during the meeting held via ‘video teleconferencing’ were UN Secretary General Antonio Guterres and, World Health Organization (WHO) secretary, Tedros Adhanon Ghebreyesus.
Aside from debt relief, Pres. Xi, last May 18, said it would be providing US$ 2 billion to poor countries spread over two years to help them fight the pandemic.
Pres. Xi made the announcement at the 73rd World Health Assembly, the UN body that governs WHO.
At this meeting, Pres. Xi also assured that China would share the vaccine it is currently developing “as a global public product.”
At the State Council (equivalent to China’s Cabinet) meeting, it was also noted that China provided the WHO with US$ 50 million cash assistance while also raising money inside China in support of the WHO’s ‘Solidarity Response Fund.’
From March 1 to May 31, China exported protective materials to 200 countries and regions, among which there were more than 70.6 billion masks, 340 million protective suits, 115 million pairs of goggles, 96,700 ventilators, 225 million test kits, and 40.29 million infrared thermometers, while providing for its own domestic needs.
Aside from this, China had sent 29 medical expert teams to 27 countries, and offered assistance to 150 countries and 4 international organizations.
China also instructed its medical teams stationed in 56 countries to support the local fight, and provide counseling and health information to local people and overseas Chinese.
Inside China, the White Paper also noted that the Chinese government has provided “undifferentiated and timely treatment” to foreigners who fell victim to the disease.
But here’s the catch dear readers: Although the above were all evidence of China’s commitment to adhere to the G20’s statement last March 26 where the group committed itself in addressing the following:
Protect lives; Safeguard people’s jobs and incomes; Restore confidence, preserve financial stability, revive growth and recover stronger; Minimize disruptions to trade and global supply chains; Provide help to all countries in need of assistance; and, Coordinate on public health and financial measures, the Western media continues to plant “suspicion” in the minds of the global community as to why China has been doing all these wonderful things.
Indeed, reading the various articles on the June 7 press conference in Beijing, the Western media appears determined to downplay the importance of the announcement by focusing their questions on the US’ baseless allegation that China tried to “hide” to the world the truth about COVID-19.
Or are they simply embarrassed to conclude among themselves that their own governments remain silent on how to help poor countries by also suspending payments on the loans they extended to these poor nations, the Philippines included?
Insofar as yours truly is concerned, China should be commended for these magnanimous acts and not insulted.
And yes, Jose, our own government should be asked what it is doing to avail of this debt freeze opportunity offered by China? And also, the US$ 2 billion aid that China is offering to help poor countries recover from the ill-effects of the pandemic?
Any comment, finance secretary Sonny Dominguez?
