Filipino President Rodrigo Duterte has asked African Countries to copy from Kenyan President Uhuru Kenyatta.
Early this week, President Uhuru Kenyatta was on headlines for rejecting a China Loan worth 350Bn Kenyan Shillings.
In his defence the Kenyan president said Kenya has borrowed more than enough and it is time the country starts paying what they owe first.
Duterte said that China is taking over Africans ignorance to manipulate them.
“Very soon China will take over Africa, you see, some ports are being taken over by Chinese government in Africa, its time they open eyes, I Commend Mr Uhuru Kenyatta.” afrikan-daily quoted Duterte has having said.
Duterte who has hit headlines before as a dictator said he will soon meet Uhuru Kenyatta to discuss on Third World Countries Vision 2060.
According to Overseas Development Institute, 40% of sub-Saharan African countries are in danger of slipping into a major debt crisis. Eight countries are already in debt distress, while a further 18 countries are at high risk of joining them – a number that has more than doubled since 2013.
Unsustainable debt presents significant risks to global commitments to end extreme poverty. A poorly managed debt crisis would not only set back progress towards the Sustainable Development Goals, it could reverse the development progress made over the last decade after debt relief programmes freed up resources for development in 30 African countries.
The international architecture for preventing and resolving debt crises looks outdated. The composition of creditors has changed, while much more of the debt is on commercial terms compared to previous debt crises in the 1980s and 1990s.
The current frameworks and tools for resolving sovereign debt crises are therefore unable to deal with the challenges that lie ahead in an effective, fair, and transparent manner. National authorities tasked with managing public debt are also facing new challenges due to an increasingly volatile global environment.