Maseru, Feb.27 — A week after African leaders called for fair financing at the 38th African Union (AU) Summit, the focus shifts to whether global lenders will act or stall.
While the summit ended, Africa’s fight for debt justice and economic sovereignty continues.
With bold declarations demanding debt relief as a form of reparations, African leaders placed global financial institutions and creditor nations under pressure.
But whether these demands will lead to policy shifts or be lost in bureaucratic delays remains uncertain.
Beyond speeches and resolutions, AU member states are drafting three proposals to advance their agenda.
A G20 expert panel on debt relief, spearheaded by South Africa, aims to push for lower borrowing costs and restructuring options tailored to Africa’s economies.
An African Credit Rating Agency seeks to challenge biased assessments from global agencies that artificially inflate borrowing costs.
A $25 billion replenishment drive for the African Development Fund is being launched to provide concessional financing and reduce reliance on costly commercial loans.
“Our voices have been heard. Now, we must ensure our demands are met,” former African Union Commission (AUC) Chairperson Moussa Faki said. . .
AT/BM
