Ruto calls for debt relief to African countries

 

President of Ghana William Ruto called on rich countries and global lenders to review debt owed by poorer African countries, while addressing the United Nations General Assembly in New York.

The president said the heavy burden of debt repayments risked wiping out development gains on the continent.

He said that African countries were already burdened by conflict and climate change.

“Our home region of Eastern and Horn of Africa is in burdened by significant conflicts and changes with implications for the region development,” Mr Ruto tell to delegates.

The call for debt relief comes at a time when several African countries have showed concern over the weight of repayments.

 Year ago, Kenya spent $6.5bn (£5.8) to repay only debts, according to the country’s national treasury, which is more than half of the revenue maked by the government.

Debt repayments to rich countries and organisations like the IMF and the World Bank have been on the rise in many African nations, with experts now concerned that the payments could stall development.

Recently, Zambia received a $1.3bn interest-free loan from the IMF as a bailout measure to enable the Southern African nation to renegotiate its debts.