World Bank/IMF Leaders Need to Foster Africa’s “fresh journey, hope, dignity”: SECAM

They say leaders in Marrakech need to “remove the obstacle of debt that prevents many countries from having the resources to invest in crisis response and protect their most vulnerable.”

“To successfully address debt crises,” the Catholic Bishops say, “it is crucial to tackle the complexities arising from multiple creditors.”

They say tackling the complexities “necessitates the coordination of efficient, prompt, and comprehensive policies that encompass both public and private creditors.”

The flow of resources for development “in affordable terms” needs to be scaled up, SECAM members tell the delegates participating in the October 9-15 meetings.

“The current momentum for reform of international financial institutions presents an opportunity to adapt them according to present needs and requirements. This can be achieved through strengthening human development values in their missions, boosting their financial capital, and improving their instruments for financing,” they further say.

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The Catholic Church leaders emphasize the need to ensure that “any additional resources are accompanied by increased accountability and meaningful involvement of the communities and societies affected by their programs.”

“Prevent new cycles of high indebtedness by setting foundations for responsible lending and borrowing, debt contract authorization and disclosure safeguards, and debt reduction clauses that trigger automatically when debtors suffer natural disasters or other shocks,” SECAM members say in their October 11 statement.

Magdalene Kahiu is a Kenyan journalist with passion in Church communication. She holds a Degree in Social Communications from the Catholic University of Eastern Africa (CUEA). Currently, she works as a journalist for ACI Africa.