We (Viewers Corner News team) are appealing to China and other financial institutions of the world to stop lending money to countries in the continent of Africa because the ones they borrowed in the past have brought the continent to a stand still as a result of mismanagement, corruption and massive looting of the continent’s rich deposits by leaders in various countries who do not care about the welfare of their people. If it would be possible, ask those leaders in Africa to explain how the loans they took in the past to rebuild their various countries was spent and if progress has been made, then you can decide whether to lend them more money or not. Our (Viewers Corner News team) reason for saying so is that most of the loans given to some African countries were recklessly spent on irrelevant projects and at the end, the generations to come are the ones to suffer the pains. Most African countries borrowed money from China and other financial institutions of the world to build infrastructures in their various countries as they claimed but a huge part of the borrowed money would be shared among the leadership of those corrupt countries in Africa which would later find their ways in banks abroad for safe keeping while the people of their countries can hardly feed which is bad. At the moment, the external loans already given to some African countries are as follows: Ghana (over three billion dollars), Democratic Republic of Congo (over three billion dollars), Zambia (over six billion dollars), Nigeria (over four billion dollars), North Sudan (over six billion dollars) which was cancelled because they can not possibly pay back, Cameroon (over five billion dollars), Congo Brazzaville (over seven billion dollars), Kenya (about eight billion dollars), Ethiopia (over thirteen billion dollars) and Angola (over twenty five billion dollars). If you visit some of these countries, one would start asking different questions concerning how and where such huge amount of money were spent. Again, these African countries have huge mineral resources which can sustain their economy for a life time if properly utilized, instead they would borrow from China and other financial institutions of the world. However, we (Viewers Corner News team) are appealing to all the countries in Africa who are owing China and other financial institutions of the world to please go back to the drawing board and find solutions on how to use their natural resources wisely to earn income to sustain their economy without borrowing so much from the outside world because any money you borrowed have consequences which would always affect the growth of the economy of your various countries in a negative manner. Those who would pay the price are the young generation and those yet unborn, therefore carefulness is required to put things right which we (Viewers Corner News team) are pleading for.
Source: Viewers Corner News.