By BUUMBA CHIMBULU
SOME participants at the third African Conference on Debt and Development (AfCoDD III) have enhanced calls for Africa to have representation in the G20 common framework to ensure countries on the continent are not left exposed.
This is exclusive material. To read full story, click on register and choose one of the premium subscriptions to view this content. Login if you are already a premium user.This content is locked
These participants feel that having a voice and being present when the debt deals are being discussed will save African countries from finding themselves in deals that have stiff conditions, leaving them vulnerable.
These sentiments came up during a panel discussion on “Driving Economic Transformation: African Borrower Coordination in Action,” On Wednesday in Dakar, Senegal.
The objective of the session was to find out how the Borrower’s Club will help increase Africa’s development issues.
During a panel discussion, Martha Kwataine, Malawi’s Presidential Advisor on development for non-government organisations, said it was unfair for countries to be absent while they were being discussed for possible debt restructuring.
Ms Kwataine felt that not being part of the discussions left African countries vulnerable.
“It is not fair that countries are not there when debt talks are taking place as this leaves these countries vulnerable. It is not fair” she said.
These ideas were supported by Lee Evert from the United Nations Economic Commission for Africa who advocated for the inclusion for the continent to have representation during the desk talks.
Ms Evert pointed out that her organisation was advocating to proper operation of the G20 common framework to ensure that it was not disadvantage any country.
She said the International Monetary Fund and the World Bank were among the stakeholders the organisation had engaged for this advocacy.
Meanwhile, African Forum and Network on Debt and Development (AFRODAD) Executive Director Jason Braganza, pointed out that having a seat at the G20 common framework meant that the continent had to give up on some clubs such as the Borrower’s Club.
And Patrick Ndzana Oloma, African Union Commission Policy Advisor warned that countries on the continent risked negotiating debt deals with strange conditions if they continued not to have representation at the G20 common framework.
Dr Olama said these stiff conditions would lead to affected African countries not to have capacity to pay back their debt.
[/ihc-hide-content
Author
