Securing Sustainable Solutions to the African Debt Crises

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The African Forum and Network on Debt and Development (AFRODAD) welcomes the historic adoption by the UN General Assembly of the G77 + China draft resolution, “A/68/L.57/Rev2: Towards the establishment of a multilateral legal framework for sovereign debt restructuring processes.”  The Resolution voted on the 9th of September 2014, was passed with a large majority; 124 UN Member States voted in favour, 41 abstained, and only 11 voted against. The UN has a membership of 193 countries. The vote gives UN member states a mandate to work towards an open and inclusive intergovernmental framework for sovereign debt restructuring.

The majority of developing countries, especially African countries overwhelming voted in favour of the resolution.  The absence of a few, (Ghana, Somalia, Mali, Cameroon, Liberia, Lesotho, and Central African Republic), hopefully does not signal any disinterest or adversity to the proposal. Click here for detailed statement