ICYMI: No blanket debt cancellation solution for Africa, says IMF

Nigeria's independent online newspaper

The International Monetary Fund says there is no blanket debt cancellation solution to reduce the debt burden on African countries.

According to Abebe Selassie, IMF director for African department, discussion around debt cancellation must be had with care because 50 percent of the debt in the region is from domestic creditors.the possibility of debt cancellation on Tuesday, at the ongoing 2023 World Bank Group – IMF annual meetings in Marrakech, Morocco.“How do you get rid of domestic debt? So, I think we have to be really careful,” Selassie said while fielding questions from the press.

The IMF official said should a discussion on debt cancellation be held, it would be on a country-by-country basis because the creditor base in each African nation is now more complex than it has ever been.“And you know, debt sustainability has to be accessed on a country-by-country basis, because the economic trajectory, the variables that impact their sustainability differ from country to country,” Selassie said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

thecableng /  🏆 2. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nigeria leads demand for Africa’s debt relief from IMFIn particular, the G-24 focuses on issues on the agendas of the International Monetary and Financial Committee (IMFC) and the Development Committee (DC) as
Read more »

Newspaper Headlines: Nigeria leads demand for Africa's debt relief from IMFNigeria's independent online newspaper
Read more »

G24 seeks more representation of Africa on IMF executive boardG24 has urged the International Monetary Fund (IMF) to increase the representation of sub-Saharan Africa (SSA) on its executive board.
Read more »

IMF downgrades Nigeria’s economic growth projectionThe IMF said global headline inflation is expected to steadily decline from its peak of 8.7 per cent in 2022 (annual average) to 6.9 per cent in 2023
Read more »

Low Oil Output Forces IMF To Revise Nigeria’s GrowthThis is the International Monetary Fund (IMF) said the recent reforms of the Tinubu administration may pave the way for stronger and inclusive growth.
Read more »

IMF Downgrades Nigeria’s Economic Growth Forecast For Year 2023 To 2.9%According to the IMF,
Read more »