https://en.sputniknews.africa/20241213/south-africa-calls-for-g20-debt-relief-framework-overhaul-finance-minister-says-1069701881.html
South Africa Calls for G20 Debt Relief Framework Overhaul, Finance Minister Says
South Africa Calls for G20 Debt Relief Framework Overhaul, Finance Minister Says
Sputnik Africa
The South African finance minister highlighted the need for improved processes and increased concessional financing from multilateral development banks to... 13.12.2024, Sputnik Africa
2024-12-13T16:05+0100
2024-12-13T16:05+0100
2024-12-13T17:45+0100
sub-saharan africa
economy
south africa
united nations (un)
southern africa
g20
economic growth
development
debt relief
debt restructuring
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South Africa, the new G20 chair, is urging a reassessment of the existing debt restructuring framework for poor nations, the Common Framework (CF) for Debt Treatments beyond the Debt Service Suspension Initiative (DSSI), launched by the G20 in 2020, Bloomberg reported. In its November's report on the Africa's development, the UN also stressed the need to review Africa's historical reliance on debt instruments and the current framework. The continent's external debt has risen to over $650 billion, with servicing costs reaching $90 billion in 2024, limiting investment in the poorest regions, the UN Special Advisor on Africa, Cristina Duarte, said in the report.High debt-servicing costs are hindering crucial development spending in many African countries; over 40% of African countries allocate more funds to debt service than to health, Duarte pointed out.South Africa's priority as the next G20 chair, among others, will be extending debt relief for developing countries, South African President Ramaphosa stated earlier in December.
https://en.sputniknews.africa/20241209/south-africa-to-push-for-better-credit-terms-for-africa-during-its-g20-presidency-1069625796.html
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economy, south africa, united nations (un), southern africa, g20, economic growth, development, debt relief, debt restructuring, debt, investment, cyril ramaphosa
economy, south africa, united nations (un), southern africa, g20, economic growth, development, debt relief, debt restructuring, debt, investment, cyril ramaphosa
South Africa Calls for G20 Debt Relief Framework Overhaul, Finance Minister Says
16:05 13.12.2024 (Updated: 17:45 13.12.2024) Elizaveta Roschina
Writer/Editor
The South African finance minister highlighted the need for improved processes and increased concessional financing from multilateral development banks to alleviate the burden on low-income nations.
South Africa, the new G20 chair, is urging a reassessment of the existing debt restructuring framework for poor nations, the Common Framework (CF) for Debt Treatments beyond the Debt Service Suspension Initiative (DSSI), launched by the G20 in 2020, Bloomberg reported.
"We need a better review of the CF. It's insufficient to deal with the kind of challenges we're dealing with in terms of debt service costs," South African Finance Minister Enoch Godongwana told the agency.
In its November's report on the Africa's development, the UN also stressed the need to review Africa's historical reliance on debt instruments and the current framework.
The continent's external debt
has risen to over $650 billion, with servicing costs reaching $90 billion in 2024, limiting investment in the poorest regions, the UN Special Advisor on Africa, Cristina Duarte, said in the report.
High debt-servicing costs are hindering crucial development spending in many African countries; over 40% of African countries allocate more funds to debt service than to health, Duarte pointed out.
South Africa's priority as the next G20 chair, among others, will be extending debt relief for developing countries, South African President Ramaphosa stated earlier in December.
