Speaking to the United Nations General Assembly in New York, President William Ruto urged wealthy nations and international lenders to examine the debt owed by less developed African countries.
What he is saying
The hefty load of debt repayments, according to the president of Kenya, could undo the continent’s progress toward development. He claimed that conflict and climate change were particularly difficult on African nations.
The region of Eastern and Horn of Africa is, in particular, burdened by substantial conflicts and changes with repercussions for the region’s development and African nations have expressed worry about the burden of repayments, so the plea for debt relief is timely.
What’s happening
Several African nations have expressed worry about the burden of repayments, the plea for debt relief is timely. According to Kenya’s national treasury, the Government spent more than half of its revenue (about $6.5 billion; £5.8 billion) last year on debt repayment.
In many African nations, debt repayments to wealthy nations and organizations like the IMF and the World Bank have increased, raising concerns among experts that the payments would impede development.
The IMF has provided Zambia with a $1.3 billion interest-free loan as a bailout move to allow the Southern African country to renegotiate its debt.