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China Backs Reallocation of IMF Funds to African Countries

Chinese Vice Premier Han Zheng speaking via video conference from Beijing to attendees of a Franco-African leaders summit in Paris on Tuesday. Image via Xinhua.

China answered France’s call to support the reallocation of billions of IMF funds that will come from an issuance of $650 billion in new Special Drawing Rights, according to a Foreign Ministry summary of remarks made by Vice Premier Han Zheng at this week’s Franco-African leaders summit in Paris.

Key Highlights of Han Zheng’s Speech at the Summit on the Financing of African Economies

  • SPECIAL DRAWING RIGHTS: ” China hopes that developed countries, multilateral financial institutions and commercial creditors will take concrete actions. China supports the on-lending of the Special Drawing Rights (SDRs) to low-income African countries in need, by countries with a large reserve of SDRs.”
  • MORE INVESTMENT IN AFRICA: “China supports international financial institutions and private sectors in expanding financing for Africa’s long-term development and strengthening of infrastructure and capacity building, and helping African countries sustain economic development on an independent footing.”
  • EQUITABLE ACCESS TO VACCINES: “China will continuously provide Africa with vaccine assistance and help promote the commercial procurement of vaccines by relevant countries from China. The international community, especially developed countries, could provide greater support and assistance to ensure the accessibility and affordability of vaccines in African countries.”

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