G20 finance officials issued a debt declaration during the annual International Monetary Fund and World Bank meetings calling for further work to boost debt sustainability and increase transparency.
This commitment comes amid indications from senior IMF and World Bank officials that the emphasis is now on countries growing their way out of debt rather than holding out for debt relief.
Some debt relief activists immediately criticized the declaration as inadequate and unambitious in addressing the worst debt crisis the world has ever seen.
Eric LeCompte of Jubilee USA Network noted developing countries spent 921 billion dollars on interest payments alone in 2024 representing a 10% jump from 2023 with more increases expected this year.
Duncan Pieterse from South Africa’s National Treasury said G20 officials agreed to further strengthen borrowing countries’ voices in debt discussions as a key demand of South Africa’s G20 leadership.
Pieterse confirmed debt remains on the G20 agenda for further refinement including how preferential creditor status is handled during restructuring processes.
Global debt stands at record levels though many emerging markets have reduced their debt-to-GDP ratios while still facing crushing debt service payments and capital market crowding by advanced economies. – Reuters
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