Financial Times: China reaches agreements to freeze debts of the poorest countries to tackle Coronavirus

China has reached agreements with half of the twenty low-income countries that have requested to restructure their debts, as part of the latter’s efforts to address the Coronavirus pandemic, according to the London-based Financial Times newspaper.

According to the Bloomberg News Agency on Sunday, a spokesman for the Chinese Foreign Ministry told the newspaper that work on this is progressing well.

Beijing is negotiating under the debt suspension plan led by the Group of Twenty-less-income countries, which was launched last April.

The plan, known as the initiative to suspend debt service payments, allows eligible countries to freeze the payment of bilateral loans until the end of this year.