Why African countries are reluctant to take up COVID-19 debt relief eNCA
high interest to private lenders. These conditions constrain both a country’s fiscal space and policy flexibility.The main purpose of maintaining a good credit rating is to access international funds at relatively low interest rates. For African countries, the Eurobond issuance is a more attractive option than the traditional multilateral borrowing, whose conditionalities are usually restrictive.
Private creditors should not be pressured to accept the blanket debt relief agreement for commercial debt that was incurred through market conditions and fundamentals. Current Eurobond covenants should be honoured to maintain the credibility and integrity of African sovereign borrowers.
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