Africa hears pledges but little action at IMF-World Bank talks

Pummelled by debt, poverty and natural disasters, African nations heard many pledges of support but saw little action at the first IMF-World Bank talks to be held on their soil since 1973.

In an effort to boost the continent's voice within the IMF, the institution said Saturday its members agreed to give sub-Saharan Africa a third seat on its executive board.

"We are warning against a debt crisis that could stifle durable and inclusive growth," Coulibaly said.In some countries, more than 40 percent of the state budget goes to servicing the debt -- an unsustainable level in countries that need to maintain basic public services such as water and electricity.

For more than two years, the country has been negotiating with creditors led by China -- its biggest lender -- and France on $6.3 billion of loans. "Once completed, debt restructuring will free up resources vital for this government to invest in our development agenda," he said, adding that the country will see a comparable deal with private creditor.

The region is projected to contract in per capita terms over the 2021-2025 period, it said,"thus potentially marking a lost decade of growth."

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Africa: IMF Pushes World's Poorest Countries Into 'Starvation Diet' as Debt Burdens SpiralThe International Monetary Fund (IMF) and the World Bank began their annual meetings in the Moroccan city of Marrakesh on October 9. Finance ministers and central bank governors from 190 countries are in attendance, with the meetings likely to address the prevailing economic crisis. The meetings will wrap up on October 15.
Source: allafrica - 🏆 1. / 99 Read more »