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Mohamed Osman, Riyadh, Beijing, Port Moresby | From 31 minutes on November 19, 2018 – last updated on November 18, 2018 / 23:02
The Chinese Foreign Ministry said yesterday that none of the developing countries would fall into the trap of debt alone for cooperation with China. Foreign Ministry Spokesperson Hua Chuniing said in an e-mail statement in response to remarks by US Vice President Michael Pens.
"On the contrary, cooperation with China raises the opportunities and levels of independent development of these countries and improves the lives of citizens," she said. At the Asia-Pacific Economic Cooperation (APEC) Summit, Pence spoke of China's "Belt and Road Initiative," saying that nations should not accept a debt that undermines their sovereignty.
Tonga signed a memorandum of understanding for the "Belt and Road Initiative" in order to come to a delay in debt repayment to Beijing, shortly before payment. Lupini Sinitoli, political adviser to the Prime Minister of the Republic of Tonga Akilisa Pohieva, wrote yesterday that Tonga signed a memorandum of understanding for the Initiative for Belt and Roads and decided to postpone the repayment of the concessional loan for five years.
Tonga, one of the eight countries of the South Pacific, the capital of China. Postponement of the repayment comes before the beginning of the debt repayment, which was expected to significantly affect its finances.
The financial dependence of Tonge of China for more than 10 years, after the bloody clashes in the capital of Nukui, destroyed a large part of the city's commercial and state districts. The government has restored capital with finance from China. The initial loans reached about $ 65 million, but now exceed $ 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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