Abidjan, 10 August 2022 (TDI): The African Development Bank (AfDB) has announced that it will organize a simulated policy dialogue through a virtual event.
The agenda of the conversation concerns responsible debt management in the African Continent. The Virtual Policy Summit is scheduled to take place on 23 August 2022.
The Summit will be a side event to the Media and Public Relations Department of Japan International Cooperation Agency’s (JICA) Eighth Tokyo International Conference on African Development.
The African Development Bank will host a virtual policy dialogue on sustainable debt management in Africa on 23 August 2022.
This will be a side event to @jica_direct_en‘s Eighth #Tokyo International Conference on African Development.
Register: https://t.co/9sXv8e6uPG #TICAD8 pic.twitter.com/GF2zJzNVwy
— African Development Bank Group (@AfDB_Group) August 9, 2022
The 8th Tokyo International Conference on African Development (TICAD8) shall host this virtual event as a special ceremony. The Government of Japan has been leading this conference since 1993, co-hosted with several notable organizations.
These include the United Nations (UN), United Nations Development Programme (UNDP), World Bank, and African Union Commission (AUC).
Dialogue on sustainable debt management
It is noteworthy, that economic activities, as well as commerce around the world, have been disrupted. This is mainly due to the Covid-19 outbreak and the ongoing Russian aggression on Ukraine. Both of these causes have also impacted Africa adversely.
Along these lines, the continent must strike a delicate balance between protecting vulnerable communities and sectors of the economy mostly from the effects of the Russo-Ukraine War and limiting debt shortcomings.
Given current debt-relief attempts and operations, notably those undertaken by the African Development Bank, IMF, and World Bank, the bond market still poses a risk to Africa’s economic expansion.
Furthermore, regardless of the fact that development restoration and debt-relief efforts are likely to have stabilized Africa’s debt-to-GDP ratio in 2021 and 2022, it will still be higher than it was before the outbreak.
The political virtual event will discuss the debt infrastructure that exists both currently and in the future. Additionally, it will discuss how to take advantage of global initiatives like the G20 Common Framework for Debt Treatment. The Policy Summit will also shed light upon the Debt Service Suspension Initiative (DSSI).
