African Ministers Expect ‘Break the Glass Moment’ Without Major Debt Relief
By Lisa Vives, Global Information Network
NEW YORK (IDN) – Multilateral lenders and investors are being asked to pony up a modest stimulus package that would halt the spread of the coronavirus in Africa and keep economies from crashing under the weight of debt-servicing costs.
African finance ministers, at a virtual conference on March 23, calculated that an injection of $100 billion – including $44 billion in debt-servicing wavers – would put off the likelihood of a recession and protect growth rates from falling further behind – now at 1.8% from 3.2% earlier in March.