Ahead of the World Bank and the International Monetary Fund annual meeting in Marrakesh , Morocco, the Symposium of Episcopal Conferences of Africa and Madagascar has asked the world leaders to stop using debt as reason for denying Africa nations ease of flow of resources to invest out of their crises.
The two global lenders are convening for a week from the 9th to 15th of October 2023, in what will offer Africa a jubilee mark since the last time IMF and World Bank held the meeting on global funding.
In the back of the COVID 19 pandemic and the Ukraine war that has left over 600 million Africans live in poverty and over 250 million sleep hungry, the 2nd vice president of SECAM and president in-charge of Justice, peace and development commission Bishop Stephen Mamza Dami has told the lenders that debt reliefs are paramount to African governments during these times.
”Although the landscape of creditors and debt features has evolved since the Pope’s message in 1999, with private creditors accounting for over 45% of the owed debt, the underlying message still holds true today.
To successfully address debt crises, it is crucial to tackle the complexities arising from multiple creditors. This necessitates the coordination of efficient, prompt, and comprehensive policies that encompass both public and private creditors.”
SECAM has also implored the lenders to ensure there is flow of resources for development affordably.
The synod add that this could be achieved through strengthening human development values in their missions, boosting their financial capital, and improving their instruments for financing.
The faith leader, while lauding the calls emanating from the just concluded Nairobi Climate summit also remained cognizant of the fact that although droughts, fires, floods, rising sea levels, and cyclones pose a threat to people worldwide, Africa stands out as the most climate-vulnerable region.
To recover from the tragedies through Bishop Stephen Mamza Dami says the lenders should Prevent new cycles of high indebtedness by setting foundations for responsible lending and
borrowing, debt contract authorization and disclosure safeguards, and debt reduction clauses that
trigger automatically when debtors suffer natural disasters or other shocks.
SEKAM has further called on the leaders meeting in Marrakesh to use this occasion and consider making the World Bank/IMF Annual Meetings’ return to Africa as an opportunity to embark on a fresh journey
towards Jubilee 2025 and envision a path that fosters hope and dignity for the current and future
generations in Africa.