African Finance Ministers Launch Debt Talks With Creditors

African finance ministers started talks with private creditors to find a way to temporarily suspend debt payments without triggering defaults, Bloomberg News reported. At least a dozen African finance ministers spoke during the hour-and-half virtual meeting with more than 100 creditors on Monday, according to a representative of private creditors who attended the gathering. Both sides talked about mechanisms that would allow nations to suspend payments while guaranteeing their access to debt markets in the future, said the representative, who asked not to be named because the discussions were private. Both sides agreed to hold more meetings. African countries are asking official and private creditors to temporarily suspend payments in order to channel resources to contain the coronavirus pandemic. The virus threatens to overwhelm the health system of a continent that is home to two-thirds of the world’s poor. Read more

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