Diplomats from eight African nations have petitioned the UK government to endorse a private member’s bill aiming to accelerate the debt restructuring process. These countries, including Zambia and Ghana, face severe economic strains from global challenges such as the pandemic and geopolitical tensions affecting inflation and interest rates. The proposed legislation by Labour MP Bambos Charalambous seeks to protect these nations from litigation during debt negotiations and promote equitable treatment among creditors. With poorer countries allocating up to 15% of revenues to debt repayments, the bill aims to provide much-needed financial relief.
Countries including Zambia, Sri Lanka, and Ghana have defaulted on their overseas debts, demonstrating the urgent need for debt restructuring amidst global economic pressures.
The letter emphasizes the critical need for the UK government to support a private member’s bill that would facilitate debt restructuring for economically struggling nations.
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