{"id":62937,"date":"2025-10-14T16:57:36","date_gmt":"2025-10-14T16:57:36","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/groups-criticize-slow-progress-on-debt-issues-in-g20"},"modified":"2025-10-14T17:26:27","modified_gmt":"2025-10-14T17:26:27","slug":"groups-criticize-slow-progress-on-debt-issues-in-g20","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/groups-criticize-slow-progress-on-debt-issues-in-g20","title":{"rendered":"Groups Criticize Slow Progress on Debt Issues in G20"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>A total of 165 organizations on Monday criticized South Africa for failing to make progress on debt sustainability issues during its presidency of the G20 major economies and urged it to push for reforms before it hands over to the U.S. on December 1.<\/p>\n

In a letter to South African President Cyril Ramaphosa released on the first day of the annual International Monetary Fund and World Bank meetings in Washington, the groups called for \u201cthe cancellation of all unsustainable and illegitimate debts, from all creditors\u201d to protect funds needed for education, health, gender equality and climate resilience.<\/p>\n

They also urged the G20 to push for \u201cradical reforms\u201d of debt restructuring processes, back creation of both an African Credit Rating Agency and a \u201cBorrowers Club\u201d to facilitate cooperation among debtor countries, and to push for an agreement to sell IMF gold reserves to set up a debt relief fund.<\/p>\n

Developing countries, already saddled with high debt levels, have faced additional burdens given U.S. President Donald Trump\u2019s sweeping tariffs. The World Bank in April said half of some 150 developing countries are either unable to make debt service payments or at risk of getting there.<\/p>\n

Total debt in emerging markets rose by $3.4 trillion in the second quarter to a record of more than $109 trillion, according to recent data from the Institute of International Finance.<\/p>\n

\u201cDespite some progress under the G20\u2019s Common Framework, current debt arrangements remain inadequate,\u201d the groups wrote in the letter. \u201cRestructuring processes are too slow, debt reductions too shallow, and the sharing of responsibility between public and private creditors deeply unequal.\u201d<\/p>\n

Signed by the European Network on Debt and Development (Eurodad), Amnesty International, the Malala Fund and ActionAid International, among others, the letter lauded Ramaphosa\u2019s decision to make debt sustainability one of four priorities for South Africa\u2019s presidency, but said \u201cso far nothing tangible let alone ambitious has been achieved.\u201d<\/p>\n

\u201cWhile this year\u2019s G20 has been put forward as an \u2018African G20\u2019, there is no evidence that any progress has been made on the debt crisis facing Africa and many other countries worldwide during the South African presidency,\u201d the groups said, adding that it was not too late for the country to leave its mark.<\/p>\n

The United States is due to assume the G20 presidency on December 1, shortly after a leaders summit to be attended by U.S. Vice President JD Vance instead of Trump.<\/p>\n

\u201cDeveloping economies are currently experiencing the highest borrowing costs in nearly two decades while debt payments are crowding out vital domestic resources and diverting them away from development,\u201d the groups said.<\/p>\n

They noted that African countries are charged much higher interest rates than countries in other regions with comparable credit ratings and macroeconomic indicators, costing them some $74.5 billion per year in excess interest payments, according to data compiled by the United Nations Development Program.<\/p>\n

Failure to address the debt challenges and offer low-income countries decisive debt reductions meant action to address climate change would remain \u201cout of reach\u201d for most countries.<\/p>\n

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

Africa-Press – Lesotho. A total of 165 organizations on Monday criticized South Africa for failing to make progress on debt sustainability issues during its presidency of the G20 major economies and urged it to push for reforms before it hands over to the U.S. on December 1. In a letter to South African President Cyril […]<\/p>\n","protected":false},"author":84,"featured_media":62936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[245],"class_list":["post-62937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-lesotho"],"yoast_head":"\nGroups Criticize Slow Progress on Debt Issues in G20 - Lesotho<\/title>\n<meta name=\"description\" content=\"A total of 165 organizations on Monday criticized South Africa for failing to make progress on debt sustainability issue ...\" \/>\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\/groups-criticize-slow-progress-on-debt-issues-in-g20\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Groups Criticize Slow Progress on Debt Issues in G20\" \/>\n<meta property=\"og:description\" content=\"A total of 165 organizations on Monday criticized South Africa for failing to make progress on debt sustainability issue ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/groups-criticize-slow-progress-on-debt-issues-in-g20\" \/>\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=\"2025-10-14T16:57:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-14T17:26:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2025\/10\/sm_1760449997.770943.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"455\" \/>\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=\"3 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\/groups-criticize-slow-progress-on-debt-issues-in-g20#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/groups-criticize-slow-progress-on-debt-issues-in-g20\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Groups Criticize Slow Progress on Debt Issues in G20\",\"datePublished\":\"2025-10-14T16:57:36+00:00\",\"dateModified\":\"2025-10-14T17:26:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/groups-criticize-slow-progress-on-debt-issues-in-g20\"},\"wordCount\":522,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/groups-criticize-slow-progress-on-debt-issues-in-g20#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2025\/10\/sm_1760449997.770943.jpg\",\"keywords\":[\"Lesotho\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/groups-criticize-slow-progress-on-debt-issues-in-g20#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/groups-criticize-slow-progress-on-debt-issues-in-g20\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/groups-criticize-slow-progress-on-debt-issues-in-g20\",\"name\":\"Groups Criticize Slow Progress on Debt Issues in G20 - 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