China spent R4.4 trillion bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more nations have struggled to repay the loans spent building the 'belt and road' infrastructure, a new study shows
China spent $240 billion bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more nations have struggled to repay the loans spent building the"belt and road" infrastructure, a study published this week shows.
Beijing is ultimately trying to rescue its own banks. That's why it has gotten into the risky business of international bailout lending. Argentina received the most, with $111.8 billion, followed by Pakistan with $48.5 billion and Egypt with $15.6 billion. Nine countries received less than $1 billion.The swap lines of the People's Bank of China accounted for $170 billion of the financing, including in Suriname, Sri Lanka and Egypt.
The study is critical of some central banks potentially using the PBOC swap lines to artificially pump up their foreign exchange reserve figures.
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