African Development Bank Group Launches Training Programmes for Transitioning African Countries to Manage Debt
The African Development Bank Group is stepping up to assist 22 transitioning or fragile African countries in effectively managing their debt through a new training programme. The initiative, known as the Public Finance Management Academy for Africa, aims to provide tailored support to these vulnerable nations to help them build their institutional capacity and achieve financial resilience for development.
The programme kicked off with the maiden edition of the PFMA Spotlight on Public Debt Management in Transition States, a two-day policy dialogue held in Addis Ababa. During the event, Ethiopia’s Minister of State for Finance and Economic Cooperation, Semereta Sewasew, highlighted the challenges faced by these countries, including political, economic, security, and environmental issues.
Sewasew praised the African Development Bank for designing a training programme to help these countries manage their debt more prudently and restore stability and growth to their economies. She emphasized the importance of improving debt management, transparency, and sustainability not only for Ethiopia but for the entire continent.
Abdul Kamara, the AfDB’s Deputy Director General for East Africa, explained that the training is part of a special project aimed at strengthening the capacity of transition states for effective debt management. The project, which runs from April 2023 to March 2026, is focused on supporting 22 transition countries in Africa under the bank’s transition support facility.
The Director of the African Development Institute, Eric Ogunleye, emphasized the need to empower African transition countries to use loans effectively to improve the quality of life for their citizens. Public debt vulnerability remains a persistent challenge for Africa, with a significant number of countries classified as being in debt distress.
Overall, the training programme is expected to provide participants with best-practice solutions tailored to their specific debt management circumstances. By equipping these countries with the necessary tools and knowledge, the African Development Bank is working towards a more stable and prosperous future for Africa.