Okonjo-Iweala backs African finance ministers on debt relief

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A former Minister of Finance, Dr Ngozi Okonjo-Iweala, has supported the call by African ministers of finance to seek for debt relief from bilateral, multilateral and commercial partners to cushion the

negative impact of the Coronavirus pandemic on the economies of countries within the region.

But in a chat with the BBC, the former Managing Director of the World Bank, said Africa needs multiple sources of funds to tackle the global pandemic and its economic effects. According to her, if African countries get debt relief, the monies they should pay in servicing debts could be channeled towards dealing with COVID-19.The former finance minister said, “You know we have several sources, you’ve got the African Development Bank, which has just floated a social bond for $3bn that will be available to the countries on the continent.

 

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