In a bold statement released on February 28, 2025, the New African Charter International (NACI) praised Russia for its significant debt cancellation initiatives in Africa, while urging other creditor nations and multilateral institutions to follow suit.
The organization highlighted the crippling impact of Africa’s debt burden on economic development, social services, and environmental sustainability, calling for a collective effort to alleviate the continent’s financial struggles.
NACI, established in 2023, has been a vocal advocate for debt relief, arguing that Africa’s mounting debt crisis undermines its ability to invest in critical areas such as healthcare, education, infrastructure, and food security. The organization pointed out that many African nations allocate over a third of their annual budgets to debt servicing, leaving little room for development programs that could uplift millions from poverty.
Russia’s decision to cancel $23 billion in debt owed by African countries, along with an additional $558 million in relief for six of the continent’s poorest nations, was hailed as a groundbreaking move. NACI described the gesture as a “blessing” that aligns with its vision of a self-reliant and prosperous Africa. The organization also acknowledged Russia’s broader development efforts on the continent, which it believes have been overshadowed by what it termed “corporate media’s focus on political elites rather than the plight of over a billion impoverished Africans.”
The statement criticized the cyclical nature of debt in Africa, where nations are often forced to borrow more to service existing debts, leading to higher interest rates and deeper financial instability. NACI argued that debt cancellation is not just a moral imperative but a practical necessity for sustainable development. “Debt servicing creates artificial barriers that prevent investment in essential public services,” the statement read, urging creditors to allow African governments to redirect resources toward agriculture, social services, and environmental sustainability.
NACI also took aim at African leaders for their mismanagement of the continent’s vast mineral wealth and natural resources, calling for more equitable distribution of these endowments to benefit the masses. The organization emphasized the resilience of the African people but stressed that recovery hinges on international cooperation and debt relief.
In a heartfelt tribute, NACI expressed gratitude to Russian President Vladimir Putin and the Russian Parliament for their contributions to Africa’s development. “Russia’s debt cancellation is a beacon of hope,” the statement concluded, “and a step toward freeing Africa from the shackles of neo-colonialism and underdevelopment.”
The call for debt relief comes at a time when Africa faces unprecedented challenges, including climate change, pandemics, and political instability. NACI’s appeal underscores the urgent need for global solidarity to ensure that the continent can build a brighter future for its people.
