https://en.sputniknews.africa/20240927/malawis-president-calls-for-debt-restructuring--potential-debt-relief-for-african-nations-1068441281.html
Malawi's President Calls for Debt Restructuring & Potential Debt Relief for African Nations
Malawi's President Calls for Debt Restructuring & Potential Debt Relief for African Nations
Sputnik Africa
The World Bank and the US government have recently advised Malawi to appropriately manage its external debt, which currently stands at $4 billion. 27.09.2024, Sputnik Africa
2024-09-27T18:42+0200
2024-09-27T18:42+0200
2024-09-27T18:42+0200
sub-saharan africa
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Lazarus Chakwera suggested at the 79th session of the UN General Assembly that the international community consider restructuring and possibly canceling African countries' debts to bilateral and multilateral institutions.Earlier, African Development Bank President Akinwumi Adesina warned that opaque resource-backed loans are hindering Africa's economic growth, making debt resolution more difficult and jeopardizing future development. He highlighted that African nations currently spend 65% of their GDP on external debt servicing.Africa's external debt rose from $1.12 trillion in 2022 to $1.152 trillion by the end of 2023, according to the World Bank.
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Malawi's President Calls for Debt Restructuring & Potential Debt Relief for African Nations
Ekaterina Shilova
Writer / Editor
The World Bank and the US government have recently advised Malawi to appropriately manage its external debt, which currently stands at $4 billion.
Lazarus Chakwera suggested at the 79th session of
the UN General Assembly that the international community consider restructuring and possibly canceling African countries' debts to bilateral and multilateral institutions.
“We are trying everything possible to manage our debts, but if you could consider either restructuring or completely writing off some of these debts, Africa would have a ‘breathing space,’" Malawian president said.
Earlier, African Development Bank President Akinwumi Adesina warned that opaque resource-backed loans are hindering Africa's economic growth, making
debt resolution more difficult and jeopardizing future development. He highlighted that African nations currently spend 65% of their GDP on external debt servicing.
Africa's external debt rose from $1.12 trillion in 2022 to $1.152 trillion by the end of 2023, according to the World Bank.
