![]() ![]() And it’s draining foreign currency reserves these countries use to pay interest on those loans, leaving some with just months before that money is gone.īehind the scenes is China’s reluctance to forgive debt and its extreme secrecy about how much money it has loaned and on what terms, which has kept other major lenders from stepping in to help. ![]() A dozen poor countries are facing economic instability and even collapse under the weight of hundreds of billions of dollars in foreign loans, much of them from the world’s biggest and most unforgiving government lender, China.Īn Associated Press analysis of a dozen countries most indebted to China - including Pakistan, Kenya, Zambia, Laos and Mongolia - found paying back that debt is consuming an ever-greater amount of the tax revenue needed to keep schools open, provide electricity and pay for food and fuel. ![]()
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