By Paschal Norbert
NAIROBI, AUGUST 8, 2023 (CISA)- In a letter addressed to the Group of 20 Finance Ministers and Central Bank Governors, African Faith Leaders drawn from across the continent are appealing for a decree of a debt moratorium and debt relief initiatives for African countries and the mobilization of additional resources through grant and development bank support.
According to Deloitte’s IAS Plus website, the “Group of 20” (G20) is made up of the finance ministers and central bank governors of 19 countries and the European Union: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, United Kingdom and the United States of America.
The letter, which lists four pleas to the G20 Finance Ministers and Central Bank Governors states that as Africa experiences the third year of the calamitous effects of the COVID-19 pandemic that claimed lives, destroyed livelihoods and set the continent back on years of poverty reduction “Lack of vaccine access and health and social systems weakened by years of underinvestment, deepen this tragedy and will prolong its scars.”
The faith leaders explain “The additional shock of the war in Ukraine and climate change impacts like famine and prolonged drought, exacerbates food shortages, social instability and economic challenges, while forcing cuts on investments that shield the most vulnerable.”
As result of these ever-present challenges on the African Continent, the faith leaders are urging for a “ Decree debt moratorium and debt relief initiatives for African countries, and take measures, including domestic legislation, to compel full public and private creditor participation and transparency and Accelerate rechanneling to the continent of Special Drawing Rights from countries able to do so, without adding to debt and creating conditions that worsen poverty, human development or access to essential services, and promote additional and sufficient allocations of Special Drawing Rights.”
They are also asking the G20 group to “Mobilize additional resources for Africa through grant and development bank support, and promoting global tax reforms that boost their share in revenue collection and Support future resilience through accountability, transparency and anti-corruption policies to safeguard that new and freed resources bolster immediate humanitarian needs of affected regions, healthcare, job-creation policies to protect and the vulnerable and the environment.”
From August 6 to 9, 2023, the African Faith Leaders made up of the congregation of African Catholic Bishops, faith leaders from across the continent and development experts are meeting in Nairobi, Kenya, under the theme “Navigating Africa through Contemporary Crises: An Integrated Approach,” to deliberate on how Africa can emerge better from the multiple crises it faces.
