NAIROBI/JOHANNESBURG, Jan 20 (Reuters) - African countries will pay between $3 and $10 per vaccine dose to access 270 million COVID-19 shots secured this month by the African Union (AU), according to a draft briefing on the plan prepared by the African Export-Import Bank (Afreximbank) and.
G20 debt proposal continues to favour creditors 14 December 2020 by
Framework relies on much-critiqued IMF and World Bank debt sustainability analysis
Debtor countries must agree to IMF treatment as condition of debt relief
Contents to stand behind them in their hour of greatest need,” the world’s poorest countries had “received only about a fraction of what they need in debt relief.” Brown was speaking at the launch event for a proposal for
Debt Relief for a Green and Inclusive Recovery written for policymakers by a group of economists, including Kevin Gallagher and Stephany Griffith-Jones.
As the global debt crisis exacerbated by the pandemic deepens, the response from the G20 and international financial institutions, dominated by wealthy, creditor countries, risks wreaking further havoc on the economies of countries in debt distress. As well as directly hampering health and other vital public spending during the pandemic, debt repayments look s
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Johannesburg, South Africa
The Open Society Initiative for Southern Africa (OSISA) will host a regional conference on 2 and 3 July in Johannesburg, South Africa. The two-day multi-stakeholder conference emanates from concern about southern African countries’ rising debt levels, which threaten developmental aspirations. Despite numerous commitments to achieve and maintain sustainable levels of public debt, southern African countries are not only reneging on these commitments but are also showing reluctance to rapidly adjust and address rising debt levels. For example, the foreign debt of approximately $170–210 billion for sub-Saharan Africa between 1995-2005 (when G7 debt relief lowered it by 10 per cent) has since risen to nearly $407 billion by 2018 according to estimates from the Jubilee Debt Campaign. There is, therefore, an urgent need to address southern Africa’s debt conundrum.
By Rumbidzai M. Masango
Africa’s rising debt levels pose a significant threat to development. Statistics show that what was foreign debt of approximately US$170–210 billion for sub-Saharan Africa between 1995-2005 (when the G7 debt relief lowered it by 10 per-cent) has risen to nearly to $407 billion by 2018 (Jubilee Debt Campaign, 2018). According to The Economist, public debt has climbed above 50% of the Gross Domestic Product (GDP) in at least half of sub-Saharan Africa. The risk of a massive economic crash is growing.
This scenario is exacerbated by sluggish economic growth and the increase of debt as a share of GDP. For policymakers and development practitioners, such a combination presents significant challenges, especially when considering the role and impact of debt. To be fair, debt can – and should – foster economic growth and development. However, where such debt is acquired recklessly, and without due consideration to terms and conditions for repayment, conseque