More African Nations Seen Tapping G-20 Debt Plan on Revenue Drop
- Pandemic shock has left economies with reduced fiscal buffers
- Impact of G-20 program on private creditors unclear: Songwe
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The economic damage wrought by the coronavirus will probably lead more African nations to seek debt restructuring, the head of the United Nations Economic Commission for Africa said.
Chad last month became the first state in Africa to request relief under a Group of 20 initiative to help countries cope with the economic fallout from the pandemic. Ethiopia applied two days later, followed by Zambia, which last year became the first African country to default on its debt since the onset of the pandemic.