If it's all about the post-pandemic recovery and if deficits no longer matter, then what about Africa? France is welcoming leaders for a summit devoted to finance and relieving the debt owed by a continent that felt the full brunt of a world economy under lockdown. The age-old question feels more acute than ever: how to be like the US and Europe and earmark huge sums for healthcare, schools, green energy and infrastructure... instead of using the money to pay interest on old debts?
In the case of Sudan, Monday's pledge by Paris to draw down old arrears could help offer a lifeline to a nation trying to transition to democracy after a painful and bloody revolution ended decades of military dictatorship. Will ordinary citizens feel the relief?
More broadly, it's been two decades since the Millennium Development Goals erased a sea of red ink. Why are so many nations back in a debt trap where they owe huge amounts to both public and private creditors? Is it because of bad governance? Unsustainable needs? And are higher borrowing rates justified for a continent with huge resources and potential?
Produced by Charles Wente, Juliette Laurain and Imen Mellaz.
