African nations demand debt relief, increased aid and financial reform

At a first-of-its kind African Union meeting on debt, nations on the continent came together in demanding a fairer global financial architecture.

Last week, African government leaders gathered to outline a blueprint to tackle the continent’s mounting debt burdens, calling on high-income countries to fulfill their official development assistance obligations and increase contributions to the International Monetary Fund’s initiatives for poverty reduction.

Gathered at the African Union Conference on Debt in Lomé, Togo, delegates from African Union member state governments and finance institutions adopted a joint declaration on debt. With over 20 African countries on the continent currently facing debt distress, the conference was the first that the AU has held on debt.

The declaration comes at a strategic time given the upcoming 4th International Conference on Financing for Development, or FfD4, and the G20 summit to be held later this year — both of these an opportunity to address the power imbalances in the debt restructuring processes. The declaration forms the basis of the continent’s mandate on debt going to FfD4, where reforms of the global financial architecture will be addressed.

Cover photo: by Devex