The African Union is pitching what it touts as a local solution to survive mounting debt for members. And the proposals could be tabled to member states as soon as the next summit, signaling the latest concerns about the potential of debt to drain economic targets.
The revelations emerged last week at a conference on debt in Dakar, Senegal where officials explained the policy direction.
Dr Patrick Dzana Olomo, the Policy Officer for Investment and Resource Mobilisation, Economic Affairs Department of the African Union Commission blamed Africas mounting debt on failure to put in place clear mechanisms on how to handle borrowed funds.
As the AUC, we are setting up the African Debt Mechanism that will be adopted next yea…
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