Central bank governors and finance ministers again plead for debt relief from Africa
THE 2022 meeting of the African Consultative Group of Finance Ministers and Central Bank Governors of the 54 African Member States of the World Bank and the International Monetary Fund (IMF) ended in Marrakech, Morocco, with a call at the two Bretton Woods institutions must provide “swift, comprehensive and substantial” debt relief to Africa.
It should be noted that the call for debt relief for Africa did not start today, as evidenced by the call made last year by the President of the African Bank of development, Dr. Akinwumi Adesina.
According to him, Africa needs debt relief, debt restructuring and debt sustainability.
At the UN meeting on International Debt Architecture and Liquidity in March 2021, he said: "It is time to put in place a financial stability mechanism in Africa to protect against the external shocks."
However, the final demand, which was in what African finance ministers and central bank governors billed as the “Marrakesh Declaration,” was to help Africa mitigate the negative impacts of the pandemic of COVID-19 and the Ukrainian crisis and limit their impact on economic growth.
ALSO READ FROM NIGERIAN TRIBUNE
This year's Africa Caucus was held under the theme "Towards a Resilient Africa" and called for rapid implementation of the commitment made at the G7 Summit in June 2022, including the urgent need improve multilateral debt restructuring frameworks and address challenges related to debt vulnerabilities.
Participants also called on the Bretton Woods institutions to accelerate the deployment of a new global debt architecture and to support the African continent's call for an extension of the Debt Service Suspension Initiative ( DSSI).
The opening of the Africa Caucus 2022 was marked by a message sent by King Mohammed VI of Morocco to the participants in which he called for more support and international cooperation to enable African countries to mitigate the impacts of inflation that affects the global economy and strengthen their resilience to external shocks.
Morocco chairs the Caucus which meets once a year to coordinate the positions and views of African central bank governors ahead of the annual meetings of the World Bank and IMF.
THE 2022 meeting of the African Consultative Group of Finance Ministers and Central Bank Governors of the 54 African Member States of the World Bank and the International Monetary Fund (IMF) ended in Marrakech, Morocco, with a call at the two Bretton Woods institutions must provide “swift, comprehensive and substantial” debt relief to Africa.
It should be noted that the call for debt relief for Africa did not start today, as evidenced by the call made last year by the President of the African Bank of development, Dr. Akinwumi Adesina.
According to him, Africa needs debt relief, debt restructuring and debt sustainability.
At the UN meeting on International Debt Architecture and Liquidity in March 2021, he said: "It is time to put in place a financial stability mechanism in Africa to protect against the external shocks."
However, the final demand, which was in what African finance ministers and central bank governors billed as the “Marrakesh Declaration,” was to help Africa mitigate the negative impacts of the pandemic of COVID-19 and the Ukrainian crisis and limit their impact on economic growth.
ALSO READ FROM NIGERIAN TRIBUNE
This year's Africa Caucus was held under the theme "Towards a Resilient Africa" and called for rapid implementation of the commitment made at the G7 Summit in June 2022, including the urgent need improve multilateral debt restructuring frameworks and address challenges related to debt vulnerabilities.
Participants also called on the Bretton Woods institutions to accelerate the deployment of a new global debt architecture and to support the African continent's call for an extension of the Debt Service Suspension Initiative ( DSSI).
The opening of the Africa Caucus 2022 was marked by a message sent by King Mohammed VI of Morocco to the participants in which he called for more support and international cooperation to enable African countries to mitigate the impacts of inflation that affects the global economy and strengthen their resilience to external shocks.
Morocco chairs the Caucus which meets once a year to coordinate the positions and views of African central bank governors ahead of the annual meetings of the World Bank and IMF.
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