The Minister for the Economy and Finance, Nadia Fettah, addressed a panel on Tuesday in Marrakech on the theme of “Easing Africa’s Debt Burden”, on the fringes of the 1st edition of the Bloomberg New Economy Gateway Africa conference.
Ms. Fettah pointed out that the increase in the debt burden of African countries is mainly due to the tightening of financial conditions and the rise in the value of the US dollar.
In this context, Ms. Fettah highlighted the impact of the rising dollar on African currencies and risk premiums, adding that the rising cost of debt was also due to current external shocks.
In this respect, the Minister emphasized the responsibility of political decision-makers, who must put in place “appropriate policies” to manage this debt crisis and create conditions conducive to growth.
For his part, Abebe Aemro Selassie, Director of the Africa Department of the International Monetary Fund (IMF), stressed that the debt problem in Africa existed even before the health crisis, notably because of countries’ investments in key areas such as health and education.
The 1st African edition of the prestigious Bloomberg New Economy is organized by the Bloomberg media group, a leader in economic and financial information, in partnership with the Moroccan Agency for the Development of Investment and Exports (AMDIE).