Finance ministers and central bank governors ask IMF and WB for debt relief
comprehensive and substantial”, debt relief for Africa.
The request, which was contained in what African finance ministers and central bank governors billed as the “Marrakesh Declaration”, was to help Africa mitigate the negative impacts of the Covid-19 pandemic and of the Ukrainian crisis, and to limit their impact on economic growth. .
They urged the World Bank and IMF to provide “prompt, comprehensive and substantial” debt relief to help Africa mitigate the negative impacts of the Covid-19 pandemic as well as the Ukraine crisis and limit their fallout. on economic growth.
This year’s Africa Caucus was held under the theme “Towards a Resilient Africa” and called for rapid implementation of the commitment made at the G7 Summit in June 2022, including the urgent need to improve multilateral debt restructuring frameworks and address challenges related to debt vulnerabilities.
Participants also called on the Bretton Woods institutions to accelerate the rollout of a new global debt architecture and support the African continent’s call for an extension of the Debt Service Suspension Initiative (DSSI).
The opening of the 2022 Africa Caucus was marked by a message sent by King Mohammed VI of Morocco to the participants in which he called for more support and international cooperation to enable African countries to mitigate the impacts of the outbreak of inflation affecting the global economy and to strengthen their resilience. against external shocks.
Morocco chairs the Caucus which meets once a year to coordinate the positions and views of African central bank governors ahead of the annual meetings of the World Bank and IMF.