DURBAN SUMMIT PUTS GLOBAL DEBT REFORM IN THE SPOTLIGHT AS AFRICA DEMANDS FAIR FINANCING

African nations push for fairer debt terms and global financial reform.

Africa Financial refom G20 Solutions Debt burden Transparent structures.

As finance chiefs from the world’s largest economies gather in Durban this week, the spotlight is firmly on the growing debt crisis choking developing nations, and African countries are demanding more than just dialogue.

The G20 Finance Ministers and Central Bank Governors are expected to convene on Thursday and Friday in the coastal South African city, continuing talks led by the South African presidency on reforming the global financial system. Preliminary meetings among finance deputies began earlier in the week, with calls intensifying for actionable solutions to rising debt burdens and unfair borrowing conditions that disproportionately affect low- and middle-income nations.

Absent from the high-stakes meeting will be U.S. Treasury Secretary Scott Bessent, who has opted out amid rising diplomatic frictions between Washington and the BRICS bloc, an omission that casts a shadow over the chances of unanimous support for sweeping financial reforms.

Developing countries, particularly across Africa, argue that current global lending frameworks dominated by wealthy nations and international financial institutions perpetuate inequality and suppress economic growth. High borrowing costs have squeezed public budgets, making it increasingly difficult for governments to invest in healthcare, education, and infrastructure.

“There is a need to address not just the symptoms but the causes of debt,” said Rashas Cassim, Deputy Governor of the South African Reserve Bank.

Under South Africa’s G20 presidency, this year’s agenda places a strong emphasis on creating fairer, more transparent lending structures and enhancing access to affordable capital for the Global South. Many African nations see this as a once-in-a-generation opportunity to reset the rules of international finance and empower countries to build resilient, inclusive economies.

Whether the Durban meetings deliver tangible reform or merely recycled rhetoric remains to be seen. But for African leaders, the message is clear: time is running out for financial justice.

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DURBAN SUMMIT PUTS GLOBAL DEBT REFORM IN THE SPOTLIGHT AS AFRICA DEMANDS FAIR FINANCING

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