Borrowing is a crucial source of financing for governments all over
the world. If they get it wrong, then debt crises can bring
progress to a halt. But if it's done right, investment happens and
conditions improve. African countries are seeking calmer capital,
to raise living standards and give their economies a competitive
edge. The African debt landscape has changed radically in the first
two decades of the twenty-first century. Since the clean slate of
extensive debt relief, states have sought new borrowing
opportunities from international capital markets and emerging
global powers like China. The new debt composition has increased
risk, exacerbated by the coronavirus pandemic: richer countries
borrowed at rock-bottom interest rates, while Africa faced an
expensive jump in indebtedness. The escalating debt burden has
provoked calls by the G20 for suspension of debt payments. But
Africa's debt today is highly complex, and owed to a wider range of
lenders. A new approach is needed, and could turn crisis into
opportunity. Urgent action by both lenders and borrowers can reduce
risk, while carefully preserving market access; and smart
deployment of private finance can provide the scale of investment
needed to achieve development goals and tackle the climate
emergency.
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