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The First African Union Debt Conference Adopts a Unified Declaration to Address the Debt Crisis and Call for Comprehensive Global Financial Reforms.

Pulbished on:

Lomé, May 21, 2025 (LANA) - The First African Union Debt Conference concluded in the Togolese capital, Lomé, with the issuance of a joint declaration reflecting a unified position of African countries on the growing challenges associated with external debt.

In their declaration, African leaders affirmed their full commitment to implementing all possible measures at the national, continental, and international levels to address the worsening debt crisis, in line with the requirements of economic recovery and accelerated development, in accordance with Agenda 2063.

The declaration included a commitment to launching the African Financial Stability Mechanism (AFSM) as soon as possible to provide liquidity and emergency support to countries at high risk of refinancing their debts. The need to accelerate the establishment of an African Credit Rating Agency was also emphasized as a permanent solution to improve the continent's access to low-cost financing, in response to the unjust assessments issued by international rating agencies.

They also emphasized the importance of redirecting Special Drawing Rights (SDRs) through multilateral development banks to increase concessional liquidity available for refinancing costly loans. They also expressed their commitment to advocating for debt relief in specific cases, based on the inability of some African countries to meet their obligations, and in accordance with the principles of economic justice, necessity, and international law, including force majeure and fundamental change in circumstances.

Participating countries agreed to adopt a unified African position on debt issues under the umbrella of the African Union, to serve as a unified negotiating strategy for creditors and international institutions during discussions related to restructuring, forgiveness, or financing the continent's debt.

African countries expressed their intention to use additional debt relief tools, such as debt-for-nature or development swaps, and to resort to innovative and low-cost financing instruments such as Chinese "Panda Bonds."

The declaration urged the international community to recognize the need to exclude spending on security, health, and climate from debt sustainability analyses, so as not to penalize countries that invest in strengthening the resilience of their societies. He also stressed the need to reach international agreements to contain the risks of exchange rate volatility, such that the burden resulting from the appreciation of the currencies of creditor countries is treated as debt relief.

=Lana=