A coalition of 165 civil society groups has criticized South Africa’s presidency of the G20 major economies for failing to make progress on debt sustainability issues.
In a letter to President Cyril Ramaphosa, the groups urged the country to push for reforms before handing over to the US on December 1.
They called for the cancellation of unsustainable and illegitimate debts, radical reforms of debt restructuring processes, and the creation of an African Credit Rating Agency and a Borrowers Club.
The groups also expressed concern that developing countries are facing additional burdens due to high debt levels and US tariffs, with half of the 150 developing countries at risk of debt distress.
The letter emphasized that addressing debt challenges and offering debt reductions to low-income countries is crucial for addressing climate change.
