Africa's web of creditors complicates coronavirus debt relief

Africa's web of creditors complicates coronavirus debt reliefJOHANNESBURG/LONDON (Reuters) - Africa is crying out for debt relief to weather a perfect storm of coronavirus, plummeting oil and commodity prices, mounting budget deficits and weaker currencies. When the International Monetary Fund (IMF) and World Bank launched their Heavily Indebted Poor Countries (HIPC) debt relief program in 1996, African nations mainly owed money to wealthy countries and multilateral institutions.




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