Africa-Press – Angola. Angolan President and African Union (AU) Chairperson João Lourenço called for urgent and transparent relief from unsustainable debt affecting several African countries at the G20 summit in Johannesburg, South Africa.
In his capacity as AU president, he stressed that debt coupled with high interest rates and excessive servicing costs constitutes the biggest obstacle to inclusive growth and sustainable development on the African continent.
He stated that this financial burden compromises essential investments in health, education, and climate change adaptation.
The AU leader emphasized the need for decisive action on debt restructuring and recalled that last month, African countries had approved the African Common Position on Debt based on the Lomé Declaration.
He also reiterated the call for the G20 Common Framework to be implemented with greater urgency and transparency to guarantee substantial debt relief for affected countries.
Lourenço encouraged the G20 to support the modernization of credit rating agencies’ practices to correct any biases and ensure assessments consider comprehensive development metrics.
He also stressed that the African Union fully endorses the recommendations of the African Panel of Experts and the Extraordinary Committee of Independent Experts on Global Wealth Inequality Reports.
He urged the G20 to turn their commitments into actions that lead to resolute and coordinated implementation.
As the continent adopts its own strategies, the AU leader reaffirmed Africa’s commitment to multilateralism and defended the implementation of reforms to the international financial architecture.
He also emphasized his support for strengthening the rules-based global trading system, particularly through ongoing reform processes at the World Trade Organization (WTO).
João Lourenço believes the biggest obstacle to African progress is the lack of accessible financing.
In his speech, he acknowledged the G20’s progress through the Roadmap for Multilateral Development Banks and emphasized that these reforms deserve the continent’s full support. However, he also warned of the need to accelerate the implementation of these initiatives.
In this regard, he advocated for a significant and rapid increase in available capital.
The Angolan head of state also stressed the importance of improving access to financing in local currencies, since it mitigates investment risks and protects African economies against external volatility.
He welcomed the G20-Africa Engagement Framework as a fundamental medium-term mechanism to ensure coordinated and effective G20 support, especially for high-impact projects on the continent.
The G20 comprises the 19 largest economies in the world, the European Union (EU), and the African Union (AU), representing 85% of the global gross domestic product (GDP).
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