Thank you for your reading Beijing responds to Washington: The countries that work with us will not fall into the debt trap and convince you that we are always trying to provide you with everything new and exclusive and now we go into details
Mohamed Osman, Riyadh, Beijing, Port Moresby | Since 31 minutes on November 19, 2018 – last updated on November 18, 2018 / 23:02
The Chinese Foreign Ministry said yesterday that no developing country would fall into the debt trap only for cooperation with China. Chinese Foreign Ministry spokesman Hua Chunying made the statement in an e-mail statement in response to a statement by US Vice President Mike Pence.
"On the contrary, cooperation with China increases the ability and level of independent development of these countries, and improves the lives of citizens," he said. At the Asia-Pacific Economic Cooperation (APEC) Summit, Pence spoke about China's "Belt and Road Initiative", saying countries should not accept debts that undermined their sovereignty.
Tonga has signed a memorandum of understanding for the "Belt and Road Initiative" to get a delay in paying its debt to Beijing, shortly before payment is due. In an e-mail to Reuters yesterday, Lupini Sinitoli, political advisor to the Republican Prime Minister of Tonga Akilisi Pohyeva, wrote that Tonga had signed a memorandum of understanding for the Belt and Road Initiative and decided to postpone repayment of soft loans for five years.
Tonga, one of the eight South Pacific countries, is the capital of China. Delay in payments comes ahead of the start of debt repayments, which are expected to put huge pressure on its finances.
Tonga's financial dependence on China for more than 10 years, after bloody riots in the capital Nuku & Alova destroyed large parts of the commercial district and city government. The government has rebuilt capital with funds from China, initial loans have reached around $ 65 million, but now exceeds $ 115 million due to interest and additional loans, equivalent to about one third of Tonga's GDP, according to budget documents.
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