ICYMI: No blanket debt cancellation solution for Africa, says IMF

The International Monetary Fund says there is no blanket debt cancellation solution to reduce the debt burden on African countries.

According to Abebe Selassie, IMF director for African department, discussion around debt cancellation must be had with care because 50 percent of the debt in the region is from domestic creditors.the possibility of debt cancellation on Tuesday, at the ongoing 2023 World Bank Group – IMF annual meetings in Marrakech, Morocco.“How do you get rid of domestic debt? So, I think we have to be really careful,” Selassie said while fielding questions from the press.

The IMF official said should a discussion on debt cancellation be held, it would be on a country-by-country basis because the creditor base in each African nation is now more complex than it has ever been.“And you know, debt sustainability has to be accessed on a country-by-country basis, because the economic trajectory, the variables that impact their sustainability differ from country to country,” Selassie said.

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