During a three-day state visit to the United States, President Joe Biden and Kenyan President William Ruto emphasised the need for increased support for developing nations like Kenya.
They particularly highlighted the importance of debt relief by major bilateral creditors such as China. As part of their joint initiative, the “Nairobi-Washington Vision,” they outlined specific measures aimed at alleviating the substantial debt burden faced by many low-income countries.
This burden often hampers their ability to invest in crucial development projects and address climate-related challenges.
The statement for the Nairobi-Washington Vision stressed the importance of supporting countries committed to ambitious reforms and sustainable development initiatives.
It emphasised that nations striving to address global challenges like climate change, pandemics, health threats, and conflict should receive backing from the international community rather than being abandoned.
“High-ambition countries” should receive financial support from international financial institutions, the statement noted, with creditor nations urged to provide relief.
While the Common Framework for Debt Restructuring was established by China, the United States, and other G20 creditor countries to assist heavily indebted nations during the pandemic, the initiative has encountered significant delays.
“A high-ambition country” should receive financial support from international financial institutions, the statement emphasized, with creditor nations urged to provide relief.
While the Common Framework for Debt Restructuring was established by China, the United States, and other G20 creditor countries to assist heavily indebted nations during the pandemic, the initiative has encountered significant delays.
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