{"id":13433,"date":"2022-04-24T10:31:48","date_gmt":"2022-04-24T10:31:48","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/african-debt-lets-stop-pretending-the-g20-actually-matters-anymore"},"modified":"2022-04-24T11:08:22","modified_gmt":"2022-04-24T11:08:22","slug":"african-debt-lets-stop-pretending-the-g20-actually-matters-anymore","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/african-debt-lets-stop-pretending-the-g20-actually-matters-anymore","title":{"rendered":"African Debt: Let\u2019s stop pretending the G20 actually matters anymore"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>The Group of 20 wrapped up yet another high-profile summit on Sunday that will once again disappoint anyone looking to the world\u2019s wealthiest countries for leadership in resolving the developing world\u2019s burgeoning debt crisis.<\/p>\n

The final communiqu\u00e9 repeated the same, tired ideas that we saw just a month ago when G20 finance ministers met. Then, as now, they complained about the lack of participation by the private sector, issued vague promises of more support from the IMF, and talked up how successful their meager debt suspension efforts have been to date.<\/p>\n

The reality is, if the G20 could have done something it would have but it can\u2019t because it\u2019s largely powerless in this crisis. It just doesn\u2019t have the leverage or the resources to do much more than issue empty promises.<\/p>\n

Just look at how excited they are about the fact that their debt suspension initiative (DSSI) has saved countries a measly $5.7 billion \u2014 a tiny, insignificant portion of the estimated $178 billion that developing countries are believed to owe.<\/p>\n

Let\u2019s face it, the fact that so much of the world\u2019s debt is either owed to China or private creditors makes the G20 largely a secondary actor here. Further, we should stop pretending that at some point the U.<\/p>\n

S. , Europe, and Japan are going to marshall the nerve to take on either powerful forces in Beijing or on Wall Street\/The City to demand concessions on behalf of the world\u2019s poorest countries.<\/p>\n

That\u2019s just not going to happen. After all, Donald Trump was so bored with the whole affair that he ditched the webinar to go play golf. And a weak, ineffective G20 is a gift with a giant bow on it to President Xi Jinping and the Chinese government.<\/p>\n

They\u2019re getting all of the political upside of claiming how they\u2019re working so well within the DSSI framework, support the multilateral approach to debt relief, and are now the G20\u2019s most generous country in debt mitigation at little to no expense.<\/p>\n

After all, the Chinese still haven\u2019t budged on their policy banks\u2019 commercial loans that are excluded from DSSI, they haven\u2019t improved transparency one bit and the debt suspensions they\u2019ve agreed to in places like Zambia and Angola are just that \u2014 suspensions \u2014 which means they\u2019re going to get paid back in full, just a few years later than they expected.<\/p>\n

So, what do we about it? To be honest, I\u2019m not entirely sure. I\u2019m not going to pretend there\u2019s an easy solution here because there isn\u2019t one. But continuing to believe that the old system still actually works is foolish.<\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. The Group of 20 wrapped up yet another high-profile summit on Sunday that will once again disappoint anyone looking to the world\u2019s wealthiest countries for leadership in resolving the developing world\u2019s burgeoning debt crisis. The final communiqu\u00e9 repeated the same, tired ideas that we saw just a month ago when G20 finance […]<\/p>\n","protected":false},"author":84,"featured_media":13432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8,16],"tags":[233,246,314,245],"class_list":["post-13433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-lesotho","tag-african","tag-lesotho"],"yoast_head":"\nAfrican Debt: Let\u2019s stop pretending the G20 actually matters anymore - Lesotho<\/title>\n<meta name=\"description\" content=\"The Group of 20 wrapped up yet another high-profile summit on Sunday that will once again disappoint anyone looking to t ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/african-debt-lets-stop-pretending-the-g20-actually-matters-anymore\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"African Debt: Let\u2019s stop pretending the G20 actually matters anymore\" \/>\n<meta property=\"og:description\" content=\"The Group of 20 wrapped up yet another high-profile summit on Sunday that will once again disappoint anyone looking to t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/african-debt-lets-stop-pretending-the-g20-actually-matters-anymore\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-24T10:31:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-24T11:08:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/04\/img-62652f89d9702.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"719\" \/>\n\t<meta property=\"og:image:height\" content=\"403\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/african-debt-lets-stop-pretending-the-g20-actually-matters-anymore#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/african-debt-lets-stop-pretending-the-g20-actually-matters-anymore\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"African Debt: Let\u2019s stop pretending the G20 actually matters anymore\",\"datePublished\":\"2022-04-24T10:31:48+00:00\",\"dateModified\":\"2022-04-24T11:08:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/african-debt-lets-stop-pretending-the-g20-actually-matters-anymore\"},\"wordCount\":471,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/african-debt-lets-stop-pretending-the-g20-actually-matters-anymore#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/04\/img-62652f89d9702.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Lesotho\",\"African\",\"Lesotho\"],\"articleSection\":[\"all news\",\"files\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/african-debt-lets-stop-pretending-the-g20-actually-matters-anymore#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/african-debt-lets-stop-pretending-the-g20-actually-matters-anymore\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/african-debt-lets-stop-pretending-the-g20-actually-matters-anymore\",\"name\":\"African Debt: Let\u2019s stop pretending the G20 actually matters anymore - 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