Angola restructures private debt without downgrading - UN

  • Luanda city
Luanda - Angola is the only country that has managed to restructure the private debt without this implying a drop in the “Rating”, said Monday the executive secretary of the United Nations Economic Commission for Africa, Vera Songwe,

Songwe explained that "Angola was a kind of precursor in what the Common Framework for dealing with debt beyond the Debt Service Suspension Initiative (DSSI)".

 “The authorities managed to negotiate with Chinese public and private creditors and had long talks to address the debt before the Common Framework was launched. They were lucky and did it quickly, ”said Vera Songwe.

Speaking to the Portuguese News agency (Lusa), on the sidelines of the conference of African finance ministers, running until Tuesday, the official stated that no country has gone through the Framework process".

The Executive Secretary of the United Nations Economic Commission for Africa confirmed the view that joining this initiative launched by the G20 to deal with unsustainable debt, beyond DSSI, implies a drop in the “Rating”.

Songwe explained that "Angola was a kind of precursor in what the Common Framework for dealing with debt beyond the Debt Service Suspension Initiative (DSSI)".

 “The authorities managed to negotiate with Chinese public and private creditors and had long talks to address the debt before the Common Framework was launched. They were lucky and did it quickly, ”said Vera Songwe.

Speaking to the Portuguese News agency (Lusa), on the sidelines of the conference of African finance ministers, running until Tuesday, the official stated that no country has gone through the Framework process".

The Executive Secretary of the United Nations Economic Commission for Africa confirmed the view that joining this initiative launched by the G20 to deal with unsustainable debt, beyond DSSI, implies a drop in the “Rating”.