China Cancelling Debt of Developing World

China has announced that it will provide debt relief to the developing world. President Xi Jinping made the announcement at the UN and anticipates the fund to help the developing world will eventually reach $15 billion. presently the fund is set at $2 billion and will have a positive effect on the poorer nations.

“Looking around the world, the peace and development remain the two major themes of the times,” the Chinese leader said at the summit in New York.
“To solve various global challenges, including the recent refugee crisis in Europe, the fundamental solutions lie in seeking peace and realising development.
“Facing with various challenges and difficulties, we must keep hold of the key of the development. Only the development can eliminate the causes of the conflicts,” Mr Xi said.
His pledges of aid give a big boost to the launch of the UN’s new Global Goals for Sustainable Development – the day after all members states committed themselves to a hugely ambitious programme, the BBC’s James Robbins in New York reports.

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