China has made over $42 billion in loan commitments to Angola over the last 20 years.
15 The IMF has estimated that the Angolan government debt-to-GDP ratio stood at 86.4 per cent in 2021 and will stand at 56.6 per cent in 2022, having decreased from over 130 per cent in 2020 due to currency and oil price fluctuations.
China did not cause African debt distress in most cases, but it is key to finding a solution.
Despite growing political and economic tensions, China and the West have a strong mutual interest in cooperating with each other, and with African nations and institutions, to tackle the challenge of debt distress.
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