The high debt saddling the world’s poorest countries needs an urgent reset to avoid multiple crises, African leaders said Thursday as they launched an initiative for debt relief and fairer borrowing terms.
The African Leaders Debt Relief Initiative, signed on the sidelines of a G20 finance meeting in South Africa, will push for a revamp of the global lending system to unlock debt relief and favourable borrowing terms for developing countries.
“More than half of the African population live in countries that are spending more on interest payments than education, health or climate,” said former Mauritius…
