G-7 Faced with the Challenge of Debt Relief in African Countries

American newspaper/magazine Barron's highlights the challenge of African economic crises that the G-7 faces with respect to debt relief, Special Drawing Rights, and other mechanisms. Read an excerpt below, and click here for the full article.

A Chance to Stand Behind Africa in a Moment of Unprecedented Challenge

G-7 leaders should commit to more SDR transfers and more channels to carry them out. They can tie their commitments to assurance from recipients that they will set participatory and transparent strategies for applying SDRs to sustainable and climate goals. It is important that recycled SDRs do not create new debt, and come without harmful conditions such as austerity reforms that worsen human development or access to essential services. In particular, the African Development Bank and the International Fund for Agricultural Development, with their proven experience driving agricultural development, can harness the power of SDRs to stop a catastrophic food crisis in the region.


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