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  • News - North Central - FCT
  • Updated: June 13, 2024

AfDB launches debt management programme for 22 fragile African countries

AfDB launches debt management programme for 22 fragile Afric

The African Development Bank, AfDB, Group has launched a comprehensive training initiative aimed at enhancing debt management capabilities in 22 transitional or fragile African countries.

In a statement released on Wednesday in Abuja, the AfDB announced the commencement of the PFMA Spotlight on Public Debt Management in Transition States, organized by its Public Finance Management Academy for Africa. 

The program, designed specifically for Africa's most vulnerable nations, focuses on sustainable debt management practices to bolster financial resilience and support development efforts.

Key participants include heads of debt management offices, treasurers, accountants general, revenue authority leaders, central bank representatives, supreme audit institutions, anti-corruption agencies, civil society groups, academics, private sector actors, lawmakers, and other stakeholders.

Ethiopia's Minister of State for Finance and Economic Cooperation, Semereta Sewasew, highlighted positive advancements in debt management across the continent during the event.

Sewasew, however, said debt challenges and vulnerabilities  persisted, especially in most transition countries on the continent.

“These countries face various political, economic, security and environmental challenges.

“I am pleased that the AfDB has designed this training programme to help develop and strengthen the capacity of these countries.

“To manage their debt more prudently, to make their debt more productive, and to restore resilience, stability, and growth to their economies, “she said.

Sewasew said the government of Ethiopia had made substantial progress in improving the country’s economy, particularly in addressing debt challenges and commended the AfDB as a steadfast partner in this process.

“Our government will continue to work with the bank and support its programmes not only for Ethiopia but for the entire continent, especially in improving debt management, transparency, and sustainability,” Sewasew said.

Meanwhile, the AfDB’s deputy director-general for East Africa and director-general designate for Nigeria, Abdul Kamara, said the training was part of the implementation of the bank’s special project.

According to Mr Kamara, the theme of the project is “Strengthening the Capacity of Transition States for Effective Management and Mitigation of Debt Distress Risks.’’

“The project is being implemented from April 2023 to March 2026 for 22 African transition countries under the bank’s transition support facility.

“We believe that we can do even more for our countries.

“We expect that at the end of these two days, participants will have, among other things, an understanding of best-practice solutions tailored to their particular debt management circumstances,“ he said.

Similarly, the director of the African Development Institute, Eric Ogunleye, said: “African transition countries should not be mere loan takers; they are disadvantaged.

“Hence, they need to be empowered to contract, negotiate and use loans to improve the quality of life of their citizens.”

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