The African Development Bank (AfDB) has introduced the African Debt Managers Initiative Network (ADMIN) to address Africa’s growing debt issues with local solutions.
In a recent statement, the AfDB revealed that 13 African nations are at high risk of debt distress, with six already in distress.
The network’s inauguration and first peer learning event took place in Addis Ababa, focusing on the theme: Developing and Deepening Domestic Debt Markets in Africa.
AfDB Director Coulibaly Abdoulaye emphasized that ADMIN aims to enhance the debt management capabilities of African officials and institutions, enabling them to swiftly resolve debt challenges, restore macroeconomic stability, and foster inclusive growth.
The network also seeks to facilitate experience sharing among debt managers across the continent.
Eric Ogunleye, Director of the AfDB Institute, highlighted that the increasing demand for infrastructure development, poverty reduction, climate change mitigation, and security improvements are driving African countries to borrow more, heightening debt vulnerability. This, coupled with inadequate debt management, continues to undermine macroeconomic stability and hinder effective policy responses, exacerbating debt distress in several countries.
