The Minister of Finance and Coordinating Minister of the Economy and his counterparts across the African continent, yesterday, opened conversation on strategies to reduce the burden of debt servicing, estimated at $174 billion in 2024.
The ministers, at the launch of the Debt Management Forum for Africa (DeMFA) and Inaugural Policy Dialogue on ‘Making Debt Work for Africa: Policies, Practices and Options’ in Abuja reckoned that several African countries, more than before, are in debt distress and in need of urgent strategic interventions. The gathering, organised by the African Development Bank Group (AfDB), were unanimous that besides the need for a review of the skewed global financing architecture, there are a lot more concerned countries could do in terms of plugging leakages, leveraging domestic markets and maximising natural resources to avail critical finances for socioeconomic development.
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