By Olawunmi Ashafa
The African Development Bank (AfDB) group is to launch the Debt Management Forum for Africa (DeMFA).
DeMFA is a new platform aimed at promoting high-level dialogue on debt productivity and sustainability across the continent.
The launch will take place on Monday and Tuesday in Abuja.
In a statement by the bank on Sunday, the launch will bring together Africa’s ministers of finance and central bankers.
Others are debt managers, policymakers, experts and relevant stakeholders.
Participants will exchange views and lessons on challenges related to Africa’s debt vulnerabilities.
According to the bank, the DeMFA is a critical response to the continent’s rising public expenditures, declining domestic revenues, rising debts, and debt servicing costs.
“The root causes of Africa’s lingering debt problems are low economic productivity, weaknesses in governance, and internal institutional capacity to mobilise revenues and manage debts productively,” the bank said.
The News Agency of Nigeria (NAN) reports that the forum is expected to amplify African voices and perspectives on debt matters.
It will provide a channel for knowledge-sharing, advocacy and capacity development on debt management.
In addition, it will also leverage partnerships with multilateral and bilateral development institutions.
The launch of DeMFA is part of AfDB’s strategic approach to supporting its regional member countries in managing their debt productively, responsibly, and sustainably.
The Bank has developed various policy and strategic instruments to address Africa’s debt challenge.
These instruments include the Multidimensional Action Plan for the Management and Mitigation of Debt Distress Risks in Africa.
Others are the Sustainable Borrowing Policy; and the Strategy for Economic Governance in Africa.
(NAN)
