At G20 meeting, African leaders launch initiative calling for debt relief package for emerging economies

JOHANNESBURG – Global finance institutions are again under pressure to reform as Africa uses G20 to address the continent’s challenges.

Top of the list is the high debt burden carried by emerging economies, who are slapped with high debt servicing costs.

ALSO READ:

– Former African heads of state call for urgent action to address debt crisis

– Fresh approach needed to tackle Africa’s debt crisis, says Ramaphosa

– Challenges affecting emerging markets kick off discussions at G20 Finance Track meeting

This includes South Africa, where at least 20 cents of every rand in revenue is used to service its debt.

This has impacted the country’s social spending, with more money spent on debt than on health and education.

On the sidelines of…