African countries should institute effective debt management strategies to boost economic growth and avoid falling into the debt trap, the Economic Commission for Africa (ECA) Director for Macroeconomics and Governance Division, Adam Elhiraika, has urged.
Opening a peer learning workshop on debt management strategies for member states being held in Lusaka, Zambia from April 3- 6 2023, Elhiraika said debt management was a challenge for African countries as debt becomes a significant source of funding for their economic growth and development.
“However, this provides an opportunity to effectively enact budgetary protection for various events more apparent in the foreseeable future,” Elhiraika said, adding that, “Efficient and effective debt management will allow debtor countries to take action to avoid the legacy of ‘too little, too late’ sovereign debt management and restructuring.”