Pummelled by debt, poverty and natural disasters, African nations heard many pledges of support but saw little action at the first IMF-World Bank talks to be held on their soil since 1973.
The myriad troubles facing the continent were front and centre at the week-long talks in Marrakesh, Morocco, which began Monday and end Sunday.
The economy minister of Ivory Coast, Adama Coulibaly, who heads the G24 group of developing countries, said most of the debt is owed to multilateral development banks and the IMF. But negotiations to restructure debts have become more complicated over the years as new creditors such as China, Saudi Arabia and Brazil have emerged, in addition to private lenders.
An agreement in principle was announced in June and a memorandum of understanding was finally agreed during the meetings in Marrakesh. It must now be signed by each official creditor. Musokotwane said on Thursday that 90 percent of his country’s budget goes to paying public servants and servicing the debt.
While they wait for debt relief, African countries complain that the West has been quick to provide huge financial assistance to Ukraine following Russia’s invasion.
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