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Abuja, March 16, 2021 The African Development Bank (AfDB) has urged African governments to establish a financial stabilisation mechanism for a comprehensive plan for debt restructuring. President of the AfDB, Dr Akinwumi Adesina, said this at the launch of the bank’s 2021 edition of its annual African Economic Outlook, according to a statement from its office on Tuesday. Debt restructuring is a process that allows a private, public or a sovereign entity facing cash flow problems and financial distress to reduce and renegotiate its delinquent debts to improve or restore liquidity so that it can continue its operations. Also, a debt becomes delinquent when payment is not made by the due date or the end of the “grace period” as established in a loan or repayment agreement, in the case of a debt being paid in installments.

New yorkUnited statesColumbia universityAbuja federal capital territoryAkinwumi adesinaJoseph stiglitzInternational monetary fundDebts management servicesAfrican development bank afUs bureau of fiscal serviceAfrican development bankAfrican economic outlookDelinquent debt collectionRevised marchFiscal service treasuryDebts management