G20: Restructure debt of most indebted countries - Draghi

(ANSA) - ROME, AUG 27 - Premier Mario Draghi told the G20 conference Compact with Africa Friday that the debt of the most indebted countries must be restructured.
    "The countries of the Compact with Africa have been a beacon of hope in these dark times," he said.
    "During the pandemic your resilience to adverse shocks has risen, thanks to your investments in the ecological and digital transformation.
    "Your experience teaches us that courageous, transforming and inclusive reforms give results".
    Draghi added that the recovery had been unequal and more must be done to help poorer countries.
    "In many advanced economies the pandemic is ever more under control but sadly that is not the case in the world's poorest countries.
    "There have been huge inequalities in terms of access to vaccines.
    "The global recovery is marked by the same disparities.
    "We must do more - much more - to help the neediest countries".
    Draghi stressed that vaccines had gone to 60% of rich country's people, but to just 1.4% of those in poor countries.
    The G20 Compact with Africa (CwA) was initiated under the German G20 Presidency to promote private investment in Africa, including in infrastructure.
    The CwA's primary objective is to increase attractiveness of private investment through substantial improvements of the macro, business and financing frameworks.
    It brings together reform-minded African countries, international organizations and bilateral partners from G20 and beyond to coordinate country-specific reform agendas, support respective policy measures and advertise investment opportunities to private investors.
    The initiative is demand-driven and open to all African countries.
    Since its launch in 2017, the CwA has sparked great interest. So far, twelve African countries have joined the initiative: Benin, Burkina Faso, Côte d'Ivoire, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo and Tunisia. (ANSA).