Africa is struggling with the triple shock of rising debt burdens, an ongoing food crisis and climate change fallout and needs more help from international institutions and wealthy nations to cope, African finance ministers said on Saturday.
Zambia last week gave its bondholders a "concrete proposal" for the restructuring of some $3 billion in eurobonds, the ministry of finance and national planning said on Friday.
World Bank President David Malpass on Thursday said progress on sovereign debt issues would be measured by actual restructuring deals being agreed for Ghana, Ethiopia and Zambia, and said there was still no agreement on his longstanding call for a standstill in debt service payments for countries seeking help.
Kenya is not expected to seek a restructuring of its debt despite current strains and a looming bond payment, the head of the International Monetary Fund's Africa Department chief said on Friday.
The International Monetary Fund's steering committee on Friday said would accelerate its discussions on quota reforms at the global lender with an eye to making "considerable progress" by their next meeting in October.