US EditionHigh-Cost Loans, Trump Turmoil Hurting Africa, Says G20 Panel Chief
- Trevor Manuel, a retired South African politician, chairs a G20 expert panel presenting proposals on Africa's debt crisis at a November summit in Johannesburg.
- The panel formed due to Africa's high debt servicing costs, worsened by abrupt US policy shifts after President Trump's 2017 office assumption and trade tariff announcements.
- Over 50% of Africa’s population of 1.3 billion inhabit nations where the cost of servicing debt surpasses government expenditure on social sectors such as health, education, and infrastructure, while these countries encounter borrowing expenses higher than those faced by major global economies.
- Manuel called the cost of capital 'unbelievably expensive and prohibitive' and warned that sudden US tariffs, like Lesotho's 50 percent on exports, severely impact developing African markets.
- The panel aims to persuade the G20 to engage multilateral development banks on borrowing costs, with its work expected to continue via the UN and African Union beyond the G20 presidency.
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High-cost loans, Trump turmoil hurting Africa, says G20 panel chief – Bryan Times - Afric Info
Source link : https://afric.news/2025/06/04/high-cost-loans-trump-turmoil-hurting-africa-says-g20-panel-chief-bryan-times/ Author : Samuel Brown Publish date : 2025-06-04 05:43:00 Copyright for syndicated content belongs to the linked Source.
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