Moratorium on debt for Africa? Be careful of unintended consequences eNCA
. The development of local currency bond markets has enabled African government administrations to borrow locally. This has reduced their reliance on bilateral and multilateral lenders or using short-term paper instruments. Short-term paper instruments have to be repaid within a year from the date of issue.
Moreover, given that most hard currency debt for the private sector is benchmarked off the sovereign, this has the potential to significantly increase financing costs to growing businesses across the region. Hence the repercussions of this action are not just for governments but businesses too. For a continent with such a young demographic, taking actions that would likely increase the cost of much needed funding for business expansion or infrastructure investments can be very costly.
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