Africa wants IMF, World Bank and EU support on debt relief – UNECA

African finance ministers want International Monetary Fund, World Bank and European Unions support for bilateral, multilateral and commercial debt relief, according to a statement from the UN Economic Commission for Africa.

The ministers, who met via video conference on Tuesday, said development partners should consider debt relief and interest rate forbearance over a two to three-year period to aid Africa‘s coronavirus response.

They also called for the creation of a special purpose vehicle to “deal with all sovereign debt obligations” though no further details were given as to what shape this SVP would take.