Draft Declaration on the African Union Conference on Debt.
WE, the African Union (“AU”) Heads of State and Government, Ministers of Finance, Central Bank Governors, representatives of the Ministries of Finance, African Multilateral Financial Institutions, Regional Economic Communities and Civil Society Organisations, meeting from 12th to 14th May 2025, for the African Union Conference on Debt in Lome, Republic of Togo; HAVING deliberated on the theme of “Africa’s Public Debt Management Agenda: Restoring and Safeguarding Debt Sustainability”; ACKNOWLEDGING that public debt in Africa has increased significantly over the last decade, resulting in over 25 countries being either at high risk of debt distress or in debt distress, which has created a huge challenge as the rising debt service costs are draining vital public resources needed for development and achievement of the Sustainable Development Goals (“SDGs”) and the AU Agenda 2063; RECOGNISING that besides the heightened debt service payments, the continent has an enormous development financi...