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Africa: Former African Heads of State Sign Cape Town Declaration Calling for Urgent Debt Relief
Capital FM, 28 February 2025
Eight former African Heads of State and Government have signed the Cape Town Declaration, calling for critical debt relief for highly indebted nations and advocating for lower… Read more »
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South Africa: Global Splinters Evident At G20 Finance Ministers Meeting
VOA, 27 February 2025
The Group of 20 major economies has been instrumental in coordinating the response to crises like the COVID pandemic. But top officials from the U.S. and several other member… Read more »
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Africa: Africa to Take Centre Stage As G20 Finance Deputies Meet
SAnews.gov.za, 25 February 2025
African perspectives and priorities are in full view this week as South Africa plays host to the G20 Finance and Central Bank Deputies meeting held at the Cape Town International… Read more »
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South Africa: President Ramaphosa to Open G20 Finance Track Meeting
SAnews.gov.za, 25 February 2025
President Cyril Ramaphosa will open the first meeting of the Group of 20 (G20) Finance Ministers and Central Bank Governors' under South Africa's Presidency. Read more »
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Africa: Foreign Ministers' Meeting Backs SA's G20 Presidency Priorities
SAnews.gov.za, 21 February 2025
The Group of 20 (G20) Foreign Ministers have thrown their weight behind South Africa's Presidency priorities, which focus on sustainable development and debt sustainability for… Read more »
Former African Heads of State Want Debt Urgently Addressed
Former African heads of state have called for "intensified international cooperation" to address the continent's mounting debt, while also emphasizing the urgent need to reform the global financial architecture to "better support" developing countries.
Meeting on the sidelines of the G20 meeting in South Africa, the group, the African Leaders' Debt Initiative, said Africa is facing an unsustainable debt burden and that it was crucial to "come together" and find a solution. "Africa's future is intertwined with the world's future, and we must work to resolve the debt crisis to drive sustainable economic development across the continent," the group's head, former Nigerian president Olusegun Obasanjo, said.
In 2023, low- and middle-income countries collectively spent $1.4 trillion servicing foreign debt, with interest payments reaching a staggering $406 billion. Africa, in particular, is facing "disproportionately" high borrowing rates, making it harder to invest in the continent's growth and development.
InFocus
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Low to middle income countries with a debt stock of over U.S.$8.7 trillion in 2020 should be eligible for debt relief, according to the World Bank. The Bank has urged debit ... Read more »
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A global summit seeking to overhaul the international financial system wrapped up after taking some small steps towards easing the debt burden of developing nations weighed d Read more »
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Rwanda is set to benefit from multi-million debt service relief from the International Monetary Fund for an initial period of six months, the IMF has said in a statement. The ... Read more »
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The World Bank and the International Monetary Fund (IMF) have announced that Sudan is to benefit from U.S.$50 billion in foreign debt relief, effectively reducing the country's ... Read more »
