{"id":41599,"date":"2024-06-17T08:13:08","date_gmt":"2024-06-17T08:13:08","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/mounting-debt-profile-african-countries-forces-afdb-to-inaugurate-admin"},"modified":"2024-06-17T08:42:11","modified_gmt":"2024-06-17T08:42:11","slug":"mounting-debt-profile-african-countries-forces-afdb-to-inaugurate-admin","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/mounting-debt-profile-african-countries-forces-afdb-to-inaugurate-admin","title":{"rendered":"Mounting Debt Profile African Countries Forces Afdb to Inaugurate ADMIN"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>The mounting debt profile of Nigeria and other African countries has forced the African Development Bank (AfDB) to launch the African Debt Managers Initiative Network (ADMIN) to spur home-grown solutions to the continent\u2019s debt challenges.<\/p>\n

The inauguration and first peer learning event recently took place in Addis Ababa under the theme: Developing and Deepening Domestic Debt Markets in Africa<\/p>\n

Speaking on the initiative, AfDB\u2019s Director, Coulibaly Abdoulaye said the network would provide tailored and home-grown solutions to the continent\u2019s debt challenges.<\/p>\n

He said the network would also strengthen the debt management capacity of African countries\u2019 officials and institutions to rapidly resolve the debt challenges faced by these countries, restore macroeconomic stability and support inclusive growth, as well as promoting the exchange of experiences among debt managers in regional member countries.<\/p>\n

African Development Institute Director, Eric Ogunleye, said that the growing financing needs for infrastructure development, poverty reduction, mitigating climate change, and tackling insecurity are driving African countries to increase their borrowing, further increasing debt vulnerability.<\/p>\n

He said rising debt vulnerability and weak debt management capacity in many African countries have continued to worsen macroeconomic outcomes and hamper effective policy responses to shocks, exacerbating debt distress in some countries.<\/p>\n

\u201cThere is, therefore, a growing need to strengthen debt management capacity in African countries,\u201d Ogunleye told participants.<\/p>\n

As of 30 April 2024, of the 38 African countries for which debt sustainability assessment data are available, 13 countries are at high risk of debt distress and 6 are already in debt distress, Ogunleye said. A larger share of African debt is now owed to external bondholders and creditors outside the Paris Club who deal directly with debtor countries; this high-cost debt imposes a significant burden of debt servicing on African countries averaging 18 percent of total government revenue, he explained.<\/p>\n

The meeting underscored how developing an African domestic debt market has been identified as a way in which the continent can develop cheaper and more stable sources of debt financing for its many development needs.<\/p>\n

Discussions focused on sound debt management frameworks, networking, and peer learning to support the development and deepening of domestic debt markets in Africa to promote debt sustainability.<\/p>\n

Former Director of Debt Management at South Africa\u2019s National Treasury, Johan Krynauw, encouraged African countries to work more closely together to promote knowledge-sharing and support each other on debt management issues.<\/p>\n

\u201cIn recent years, there have been many institutional initiatives from outside the continent to help African countries. The question is always why it did not work, and why we still have public finance and debt management problems today,\u201d Krynauw said.<\/p>\n

Africa has reached a stage where it has enough skills, knowledge, and experience to determine what works for its countries.<\/p>\n

\u201cContext matters and we need to find solutions to local problems. That was one of the reasons the initiative was created for public debt managers in Africa to work together. The question has always been where African debt managers can work together,\u201d Krynauw said.<\/p>\n

Jean Yves Naka, Director of Research and Strategy at the Bourse Re\u0301gionale des Valeurs Mobilie\u0300res or BRVM, the regional stock exchange of the West African Monetary Union, underlined the importance of domestic markets.<\/p>\n

\u201cDebt vulnerability remains a major challenge for African countries, especially in achieving development goals such as the United Nations Sustainable Development Goals and the African Union\u2019s Agenda 2063 (https:\/\/apo-opa.co\/4aZ03U9). However, the development of the African domestic debt market is one way to better address the situation,\u201d he said.<\/p>\n

The session was attended by debt managers and heads of debt management offices in Africa, capital market operators, commercial bankers, and regulators, including securities and exchange commissions and central banks. They shared practical ways to develop and deepen domestic debt markets on the continent and offered lessons for countries that have either nascent or no domestic debt markets to consider how to develop or deepen them.<\/p>\n

By: Babajide OkeowoBalanced, fearless journalism driven by data comes at huge financial costs.<\/p>\n

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.<\/p>\n

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.<\/p>\n

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.<\/p>\n

For More News And Analysis About Lesotho Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. The mounting debt profile of Nigeria and other African countries has forced the African Development Bank (AfDB) to launch the African Debt Managers Initiative Network (ADMIN) to spur home-grown solutions to the continent\u2019s debt challenges. The inauguration and first peer learning event recently took place in Addis Ababa under the theme: Developing […]<\/p>\n","protected":false},"author":84,"featured_media":41598,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[245],"class_list":["post-41599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-lesotho"],"yoast_head":"\nMounting Debt Profile African Countries Forces Afdb to Inaugurate ADMIN - Lesotho<\/title>\n<meta name=\"description\" content=\"The mounting debt profile of Nigeria and other African countries has forced the African Development Bank (AfDB) to launc ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/mounting-debt-profile-african-countries-forces-afdb-to-inaugurate-admin\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mounting Debt Profile African Countries Forces Afdb to Inaugurate ADMIN\" \/>\n<meta property=\"og:description\" content=\"The mounting debt profile of Nigeria and other African countries has forced the African Development Bank (AfDB) to launc ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/mounting-debt-profile-african-countries-forces-afdb-to-inaugurate-admin\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-17T08:13:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-17T08:42:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2024\/06\/sm_1718597426.931559.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/mounting-debt-profile-african-countries-forces-afdb-to-inaugurate-admin#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/mounting-debt-profile-african-countries-forces-afdb-to-inaugurate-admin\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mounting Debt Profile African Countries Forces Afdb to Inaugurate ADMIN\",\"datePublished\":\"2024-06-17T08:13:08+00:00\",\"dateModified\":\"2024-06-17T08:42:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/mounting-debt-profile-african-countries-forces-afdb-to-inaugurate-admin\"},\"wordCount\":748,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/mounting-debt-profile-african-countries-forces-afdb-to-inaugurate-admin#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2024\/06\/sm_1718597426.931559.jpg\",\"keywords\":[\"Lesotho\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/mounting-debt-profile-african-countries-forces-afdb-to-inaugurate-admin#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/mounting-debt-profile-african-countries-forces-afdb-to-inaugurate-admin\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/mounting-debt-profile-african-countries-forces-afdb-to-inaugurate-admin\",\"name\":\"Mounting Debt Profile African Countries Forces Afdb to Inaugurate ADMIN - 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