African Ministers of Finance have welcomed the commitments made by G20 nations at their London Meeting, recently.
The ministers have also hailed the prompt action by International Finance Institutions (IFSs) to step up concessional and other financial support for developing countries.
Speaking at a press briefing jointly with his Niger counterpart Ali Mahamanein Washington on Thursday, Finance and National Planning Minister Stumbeko Musokotwane said the African Ministers stressed the need for rapid fulfillment of the commitments made.
He however noted that the commitments fall short of the needs of low income countries.
Dr. Musokotwane said African Ministers of Finance reviewed progress in implementing the HIPC and MDRI initiatives.
He noted that there were a lot of challenges that remain if countries are to benefit fully from the initiatives including increasing participation by all creditors in the initiatives.
The Ministers also reviewed tackling the problems of litigation by vulture funds, maintaining debt sustainability less vulnerable to future shocks and changes in financing conditions.
Staff from the Zambian Embassy in Washington DC led by Ambassador Mbikusita Lewanika would be joining the Zambian delegation at the meeting.
During the meeting the Finance Minister and his delegation would also take part in various discussions with the International Monetary Fund (IMF) and the World Bank (WB).
He is also expected to attend the bilateral and multilateral meetings with two institutions.
This is contained in a press release signed and made available to ZANIS in Lusaka today.
ZANIS/AJN/ENDS/MM
Which commitments? Please LT, we need to know the details of the G20 nations’ agenda for Africa before we can comment constructively on this topic.
Nine is correct please give a briefs back ground of the story like this for the sake of those who missed the G20 commitment.
African leaders, learn from Dambisa Moyo’s Dead Aid. It seems you have no plans of how you ll help your countries come out of the financial crisis apart from waiting for Western leaders to decide on your behalf.shame!!!
G20 are focused on their problems. The only African country that received real money was Somalia thanks to the Pirates.
Welcome G-20 commitments, what happened to generating their own -African finance minister- ideas?