Africa is struggling with the triple shock of rising debt burdens, an ongoing food crisis, and climate change fallout and needs more help from international institutions and wealthy nations to cope, African finance ministers said. | Reuters
“Even if the IMF, the World Bank, and our regional institutions have put in place emergency funds, these funds don’t really seem sufficient to respond to this.”
The trust aims to provide long-term concessional financing for needs such as climate change adaptation and the transition to cleaner energy sources. The three African finance ministers urged wealthy countries to step forward to honor their pledges to fund the trust. The African finance ministers, meanwhile, called for a G20-backed framework aimed at helping countries restructure burdensome debt to go further.Two African countries — Zambia and Ghana — have already defaulted on their sovereign debt since the start of the pandemic. But while they’ve signed onto the initiative, it has so far failed to provide relief.
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