Covid-19: Senegal president urges relief of African debt

Covid-19: Senegal president urges relief of African debt

Last updated on September 11th, 2021 at 08:31 am

An exceptional situation calls for exceptional measures. The Senegalese president has asked G20 states to relieve the African debt, as the continent is facing the coronavirus pandemic.

Addressing a crowd of businessmen during a visit to the French Entrepreneurs’ Conference, Macky Sall pleaded for the moratorium on Africa’s debt to be extended until next year.

“For the most part, and for all African countries, internal efforts will not be enough to lessen the shock of Covid and revive economic growth,” Sall said.

“We need more financial capacity, which is why, with other colleagues, I have made a plea for substantial relief of Africa’s public debt and private debt on terms to be agreed upon.”

As an example, Macky Sall cited the rule that debt cannot exceed 3% of GDP, which has been suspended for G20 countries during the crisis.

The African debt is worth three hundred and sixty five million dollars, which only represents 2% of the global debt.

Macky Sall also met with the French president Emmanuel Macron to discuss internationally.