African Development Bank Group Launches Training Program for Managing Debt in Transitioning African Countries

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 program. The initiative, known as the Public Finance Management Academy for Africa, aims to provide tailored support to help these countries build their institutional capacity and achieve financial resilience for development.

The program kicked off with a two-day policy dialogue on sustainable debt management in Addis Ababa, where officials highlighted the importance of prudent debt management in the face of ongoing challenges. Ethiopia’s Minister of State for Finance and Economic Cooperation, Semereta Sewasew, emphasized the need for countries to manage their debt more prudently to restore stability and growth to their economies.

The training program is part of the African Development Bank’s special project to strengthen the capacity of transition states for effective debt management. Abdul Kamara, the bank’s Deputy Director General for East Africa, highlighted the importance of supporting these countries in navigating debt distress risks and implementing best-practice solutions.

The Director of the African Development Institute, Eric Ogunleye, emphasized the importance of empowering African transition countries to use loans effectively to improve the quality of life for their citizens. With public debt vulnerability remaining a persistent challenge for Africa, the training program aims to provide much-needed support to countries facing debt distress.

Overall, the African Development Bank’s initiative is a crucial step towards helping African countries manage their debt more effectively and achieve sustainable development in the long run.