Groups blast lack of progress on debt issues during SA’s G20 presidency

A coalition of 165 organizations criticized South Africa on Monday for making no tangible progress on debt sustainability during its G20 presidency, urging President Cyril Ramaphosa to champion reforms before handing over to the US on December 1. In a letter released at the IMF and World Bank meetings in Washington, the groups demanded cancellation of unsustainable debts, radical restructuring reforms, an African Credit Rating Agency, a Borrowers Club for debtor nations, and sales of IMF gold reserves to fund relief amid record emerging market debt surpassing $109 trillion. They noted Africa's excess annual interest costs of $74.5 billion and slow, unequal debt processes under the G20 framework. Failure to act risks diverting vital funds from education, health, gender equality, and climate resilience in developing countries.