SUPPORT MEMORANDUM

AFRODAD urges the adoption of the New York Taxpayer and International Debt Crises Protection Act to compel private creditors to participate in debt relief. The organization highlights that 23 African countries face debt distress or high risk, exacerbated by sovereign bonds and global crises including the climate emergency, the COVID-19 pandemic, and the Ukraine-Russia Conflict.

• AFRODAD supports the New York Taxpayer and International Debt Crises Protection Act (S. 4747/A. 2970), stating that the legislation provides a necessary tool to ensure private creditors contribute their fair share to debt relief efforts.
• Currently, 23 African countries are classified as being either "In Debt Distress" or "In High Risk of Debt Distress," a situation driven by the unequal sharing of debt risk between borrowers and lenders. Commercial credit via sovereign bonds is cited as a major contributor to these issues, specifically mentioning the struggles of Kenya, Zambia, and Ghana to pay bondholders.
• The debt crisis in Africa has been intensified by three primary factors: the global health pandemic, the climate emergency, and the Ukraine-Russia Conflict.

APA

African Forum and Network on Debt and Development (2023). SUPPORT MEMORANDUM. https://afrodad.org/sites/default/files/letters/Letter-to-Support-an-urge-Adoption-of-Senator-Hoylman-Sigal-and-Assemblymember-Pat-Fahys-New-York-Taxpayer-and-International-Debt-Crises-Protection-Act._0.pdf

Chicago

African Forum and Network on Debt and Development. SUPPORT MEMORANDUM. 2023. https://afrodad.org/sites/default/files/letters/Letter-to-Support-an-urge-Adoption-of-Senator-Hoylman-Sigal-and-Assemblymember-Pat-Fahys-New-York-Taxpayer-and-International-Debt-Crises-Protection-Act._0.pdf.

Wikipedia

{{cite press release |author=African Forum and Network on Debt and Development |title=SUPPORT MEMORANDUM |date=2 March 2023 |url=https://afrodad.org/sites/default/files/letters/Letter-to-Support-an-urge-Adoption-of-Senator-Hoylman-Sigal-and-Assemblymember-Pat-Fahys-New-York-Taxpayer-and-International-Debt-Crises-Protection-Act._0.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{africanforumandnetworkondebtanddevelopment2023support, author = {{African Forum and Network on Debt and Development}}, title = {{SUPPORT MEMORANDUM}}, publisher = {African Forum and Network on Debt and Development}, year = {2023}, month = mar, url = {https://afrodad.org/sites/default/files/letters/Letter-to-Support-an-urge-Adoption-of-Senator-Hoylman-Sigal-and-Assemblymember-Pat-Fahys-New-York-Taxpayer-and-International-Debt-Crises-Protection-Act._0.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }