GLOBAL lenders should consider a total debt relief for African countries that, like the rest of the world are reeling under the painful effects of Covid-19, the Southern African Parliamentary Forum (Sadc PF) has said.
This comes as some African countries have already defaulted on their international debt repayment plans due to Covid-19, a global pandemic that has caused economic recessions worldwide.
Speaking during a virtual meeting of the International Monetary Fund (IMF) Special Drawing Rights, on sustainable options for financing the fight against Covid-19 pandemic and economic recovery in Africa, Sadc PF secretary-general Ms Boemo Sekgoma said Africa should be given a fresh start, free of previous debts.
“The frequency of discussing the subject of public debt at various public forums reveals the magnitude of the debt burden in Africa in general and in the Sadc region in particular,” she said during a
“During the 48th Plenary Assembly Session of the Sadc Parliamentary Forum, a motion was adopted exhorting the regional body to support an initiative by Speakers and Heads of African National Parliaments to call for total cancellation of the continent’s foreign debt. This is because many African countries are heavily indebted to industrialised countries and multinational bodies like the International Monetary Fund and the World Bank.”
Apart from a debt cancellation, Mr Sekgoma said SADC PF also supported calls for the IMF to release a new allocation of Special Drawing Rights to African countries.