South Africa – On the sidelines of the G20 summit, African leaders raised their voices in warning about the crisis that is increasingly burdening the continent’s economies. They emphasized that the rapidly rising cost of debt servicing is consuming development resources. This is limiting governments’ ability to invest in infrastructure, education, and healthcare.
The leaders noted that African countries are now paying a debt bill that sometimes exceeds their spending on vital sectors. This deepens the development gap and limits their ability to cope with global economic changes. They also pointed out that rising global interest rates have made debt refinancing more complicated, while concessional financing lines remain far from meeting the continent’s real needs.
The African participants called for fairer international mechanisms, including debt relief and rescheduling on terms more suited to emerging economies. They also called for support for investment in local industries and strengthened partnerships with other member states.
The discussion highlighted that the continent’s future is linked to debt restructuring. Launching long-term financing programs is considered the only way to pave the way for sustainable development. This development can protect future generations from the pressure of mounting debt.
