So far, none has received any debt relief. The IMF has called for the initiative to be stepped up, warning that countries could face “economic collapse” if global action on debt relief falls short. Zambia, on its part, is scrambling to meet conditions for debt relief, as Ghana reached out to the IMF to help it manage mounting inflation. The Public Debt Management Bill proposes that legislators must approve an annual borrowing plan prepared by a debt management office. However, with the country’s national debt in relation to GDP at 35.51 percent, analysts suggest the debt is still within reasonable limits.

Source: Daily Nation July 18, 2022 13:55 UTC