Seth Terkper urges African governments to address debt for development aid

Seth Terkper, former Finance Minister, advocates for African governments to ensure debt sustainability to attract development financing, emphasizing the risk of being excluded from such assistance.

During a virtual engagement with journalists following the recent IMF/World Bank Group annual meetings, Terkper stressed the imperative for African nations, now classified as lower and middle-income, to address their debt burdens

Read full articleto access development finance.

The IMF's April 2024 Regional Economic Outlook for Sub-Saharan Africa notes gradual growth improvement but highlights persistent funding challenges, high borrowing costs, and impending debt repayments, underscoring the need for additional international support.

Mr. Abebe Aemro Selassie of the African Department, IMF, emphasizes the importance of improving public finances, enhancing revenue mobilization, and tackling inflation to foster inclusive and sustainable growth.