Speaking at an International Monetary Fund (IMF) online media conference on Saturday, Zambian Finance Minister Situmbeko Musokotwane said debt relief was an “essential” measure to “return to normal” the global economy.
“Our ability to participate in the global economy is limited,” Musokotwane said. “All we can do is urge our partners, the creditors, to treat this as an urgent matter. That’s what we’re asking for. Speed, speed, speed – that’s what we need.”
At the end of 2020, with an estimated foreign debt of $17.3 billion, Zambia was the first African country to default since the start of the coronavirus pandemic. Last month, it received a $1.3 billion loan from the IMF to restore fiscal stability.
The G20 has agreed on a “common framework” for debt restructuring for the poorest countries, but implementation is slow.
On Friday, US Treasury Secretary Janet Yellen accused China, the main creditor of many African countries, of “failing to cooperate constructively” and hindering debt relief efforts.
A few days ago, the IMF declared that sub-Saharan Africa had “the toughest environment in years” as the region’s recovery was disrupted by runaway inflation, rising interest rates and weak global growth.
(SDA)
Source: Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
