SA will not be part of any collective discussions on the cancellation or suspension of the debt of Africans nations, because most of its debt is held locally.
Creditors told the AU's Covid-19 special envoys they would prefer independent negotiations with countries in response to calls for an urgent debt standstill to buy the continent time to navigate through the coronavirus crisis.
The other four envoys are former Algerian finance minister Benkhalfa Abderrahmane, former Nigerian finance minister Ngozi Okonjo-Iweala, former president of the African Development Bank and former Rwandan finance minister Donald Kaberuka and the former CEO of Credit Suisse Tidjane Thiam. Manuel said the International Monetary Fund and the World Bank had stated they would not negotiate with the continent as a bloc, but would deal with each country separately, prioritising the least-developed countries.
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