African finance ministers want International Monetary Fund, World Bank and European Unions support for bilateral, multilateral and commercial debt relief, according to a statement from the UN Economic Commission for Africa.
The ministers, who met via video conference on Tuesday, said development partners should consider debt relief and interest rate forbearance over a two to three-year period to aid Africa’s coronavirus response.
They also called for the creation of a special purpose vehicle to “deal with all sovereign debt obligations” though no further details were given as to what shape this SVP would take.
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