Africa Business News Thu, 26 Mar 2020

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Coronavirus: More calls for G20 to suspend Africa debt

Fake Dollar  File photo

Calls have intensified for developed nations to consider suspending debt repayments by African nations in order to help them tackle the coronavirus pandemic.

Earlier this week, Ethiopian Prime Minister Abiy Ahmed issued a memorandum to leaders of the G20 - a group of countries with the largest economies - asking them to consider writing off interests in loans owed by African nations.

As the leaders hold their virtual emergency summit on Thursday, British charity Oxfam has written to them asking for a debt moratorium.

Oxfam says African countries are already using scarce resources to try and stop the spread of coronavirus.

Speaking ahead of the virtual summit, Oxfam Pan Africa Director Peter Kamalingin said:

"This is the moment that Africa needs to use all its existing resources to cope with the emergency.

It makes no sense for African countries to transfer much-needed resources to foreign banks, developed nations with capacity to cope with the pandemic, or international institutions.”

Source: bbc.com

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