{"id":26616,"date":"2020-12-01T13:40:17","date_gmt":"2020-12-01T12:40:17","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=26616"},"modified":"2020-12-01T13:40:17","modified_gmt":"2020-12-01T12:40:17","slug":"european-council-approves-debt-relief-efforts-for-african-countries","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/european-council-approves-debt-relief-efforts-for-african-countries\/","title":{"rendered":"European Council approves debt relief efforts for African countries"},"content":{"rendered":"\n<p><strong>By PANA<\/strong><\/p>\n\n\n<p>The European Council on Tuesday approved a set of conclusions in response to a call made in October 2020 to prepare a common approach in respect of debt relief for African countries.<\/p>\n\n\n<p>According to a press statement, made available to PANA, the conclusions highlight the increasing debt vulnerability in low-income countries, particularly in Africa, and underscore the European Union\u2019s support for a coordinated international approach on debt relief efforts for African countries.<\/p>\n\n\n<p>The Council welcomed the G20 \u2013 Paris Club Debt Service Suspension Initiative (DSSI), which offers a temporary debt moratorium to the poorest countries to help them manage the severe impact of the COVID-19 pandemic, and its extension until 30 June 2021 with the possibility of a further extension by six months.<\/p>\n\n\n<p>It commits to a full and transparent implementation of this initiative.<\/p>\n\n\n<p>The Council also recognises that for countries with unsustainable debt levels further debt relief may be required. It welcomes the G20 agreement on a \u2018Common Framework for Debt Treatments beyond the DSSI\u2019 as a major step forward in the sovereign debt restructuring international architecture.<\/p>\n\n\n<p>\u201cIn this context, it advocates the negotiation of debt restructuring where necessary, on a case-by-case basis, while ensuring strong conditionality on public financial management, anti-corruption frameworks and domestic resource mobilisation in the context of an International Monetary Fund (IMF) programme,\u201d the statement said.<\/p>\n\n\n<p>In addition, the Council stressed that debt transparency is critical for a sound assessment of debt sustainability, debtor government accountability, and to enable informed decisions for borrowers and creditors in the context of debt relief efforts.<\/p>\n\n\n<p>\u201cIt takes the view that all public debt data should therefore be disclosed and supports international efforts aimed at strengthening debt transparency in low-income countries,\u201d the statement concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By PANA The European Council on Tuesday approved a set of conclusions in response to a call made in October 2020 to prepare a common approach in respect of debt relief for African countries. According to a press statement, made available to PANA, the conclusions highlight the increasing debt vulnerability in low-income countries, particularly in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125,241],"tags":[206],"class_list":["post-26616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","category-foreign","tag-debt","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>European Council approves debt relief efforts for African countries - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/european-council-approves-debt-relief-efforts-for-african-countries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"European Council approves debt relief efforts for African countries - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"By PANA The European Council on Tuesday approved a set of conclusions in response to a call made in October 2020 to prepare a common approach in respect of debt relief for African countries. 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