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The expert panel proposed tools like debt swaps and IMF special drawing rights to provide immediate relief to heavily-indebted African nations facing slow sovereign-debt processes.
- A panel led by Trevor Manuel urged the G20 and International Monetary Fund to launch a refinancing mechanism with debt swaps and fund replenishments as leaders prepare to meet this month in Johannesburg, South Africa.
- Rising debt burdens have left developing economies paying more in debt service than they receive, with global debt rising more than 25% since 2019 and African countries allocating over half their budgets to repayments.
- Jason Braganza, Kenyan economist, provided continent-wide figures, noting `The continent right now, we're saddled with the debt stop, now toppling just slightly over 1.3 trillion U.S. dollars, and debt servicing, which is getting close to half a trillion dollars`.
- Recent protests in several African countries show that rising taxes diverted to debt payments are fueling anger and unrest in Kenya, Madagascar, Tanzania, and Cameroon, while experts warn economic stability risks loom as G20 leaders meet this month.
- Looking ahead, the panel proposed integrating climate into debt rules and IMF analysis, urging the South African G20 presidency to reset global debt architecture and redefine World Bank and IMF roles.
9 Articles
9 Articles
G20 should focus on debt refinancing for poorer countries, experts say
A group of Africa experts said the upcoming G20 meeting in Johannesburg should focus on debt refinancing for low-income countries hit by soaring debt payments. The panel said developing nations needed immediate debt relief, with interest payments ballooning in recent years amid rising inflation. While developing countries’ debt remains moderate compared to wealthier nations, their government revenues are far smaller and their interest rates far …
Africa: Experts Call for Urgent, Politically Feasible Solutions to Sovereign Debt Crisis Ahead of G20 Summit
Many developing countries, particularly in Africa, are experiencing a rapidly worsening sovereign debt crisis, according to global economic experts. Economic stability is at risk if this crisis is not addressed quickly and thoroughly, and experts are calling on G20 leaders to commit to strong actions as they prepare to meet this month in Johannesburg, South Africa.
Africa hosts its first G20 and urges the rich world to do more against climate disasters
World leaders with the Group of 20 rich and developing nations will meet this weekend in Johannesburg for the bloc’s first summit in Africa. Host South Africa wants to prioritize issues affecting poor countries, including responses to disasters made worse…
Africa expert panel proposes a new G20 debt refinancing initiative
JOHANNESBURG - The Group of 20 major economies should team up with the International Monetary Fund and others to launch a new debt refinancing plan for low-income countries hit by heavy debt repayments, a panel of Africa experts said on Tuesday. Read more at straitstimes.com.
The G20 Can No Longer Postpone Debt Relief
The idea that Africa can finance the green transition while simultaneously spending huge sums on debt service is absurd. That is why the upcoming G20 summit in Johannesburg must end with a commitment to restructuring the liabilities of highly indebted countries, most of which are on the continent.
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