An international initiative, led by former presidents of Africa, warned on Thursday that the increase in external long-term obligations negatively affects the world's poorest countries.
Experts emphasized the growing problem of long-term debt for developing countries, particularly in the context of the pandemic, which worsened an already complex economic situation globally.
They noted that some countries face a higher risk of default due to unsustainable long-term obligations. In this situation, a global reaction and solidarity from creditor countries, major international institutions, and society as a whole is necessary.
During the meeting, the importance of negotiations on the re-examination and restructuring of debts was emphasized to alleviate the financial situation of the most vulnerable states and create a more sustainable and adaptable long-term policy to the evolving challenges.
**Statement by a participant of the initiative:** "We face a colossal threat to the stability in several poor countries, which ultimately poses a threat to the entire world," noted one of the participants of the initiative.
