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Tenth Sovereign Debt News Update: IMF Fund Disbursement and Monitoring
The G20’s Debt Service Suspension Initiative (DSSI) has provided debt relief worth USD$5 Billion to 40 countries. The DSSI was originally set to expire in December 2020, but after the recent meeting of the G20 Finance Ministers meeting, there are indications that the term of the DSSI may be extended for another six months.
As African countries grapple with economic shocks arising from the pandemic, the exposure of debt vulnerabilities and the dimming practicality of debt sustainability, the United Nations Economic Commission for Africa (UNECA) has identified Angola as a model African country which although at the brink of incurring debts from China and private creditors, was able to swiftly take advantage of the G20’s Debt Service Suspension Initiative (DSSI) and ultimately managed to avoid a downgrade in its credit rating.
In what is purported to be a support of the next phase of Kenya’s Covid-19 response towards the reduction of debt vulnerabilities and protection of vulnerable groups, the Executive Board of the International Monetary Fund (IMF) has approved on Friday, April 2, 2021, the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) for Kenya in the value of USD$2.34 Billion. Although the IMF recognizes that Kenya is at high risk of debt distress, the IMF nevertheless consider Kenya’s debt as being
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