African leaders are preparing to make a forceful case for comprehensive debt relief at the upcoming G20 summit in Johannesburg next month. According to reports, they will argue that soaring external debt repayments are crippling national budgets, causing nations to divert crucial funds from health, education, and development projects. This financial strain, they contend, is a root cause of poverty that fuels high emigration rates to Europe. However, achieving meaningful relief is now more complex than in the past. A significant portion of current debt is owed to private commercial lenders who often resist participating in restructuring, unlike the government and multilateral creditors involved in previous debt relief initiatives. While momentum for action is building, it remains uncertain if G20 nations will commit to the systemic reforms needed to address this escalating crisis.
The Telegraph
