China writes off interest-free loans given to Zimbabwe

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Zimbabwe's President Elect Emmerson Mnangagwa. PHOTO | REUTERS

China has written off an unspecified amount of Zimbabwe's interest-free loans and pledged to help the Southern African country find a way out of its debt crisis, even as activists warned of a permanent debt trap.

As of September 2023, Zimbabwe's publicly guaranteed debt stood at $17.7 billion, of which $12.7 billion was external and $5 billion domestic.