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6h ago

Africa Panel Urges G20–IMF Facility to Refinance Poor Nations’ Debt

The report is now before G20 leaders for possible action at the Johannesburg summit.

People walk in front a G20 banner, as the country prepares to host the G20 Summit on November 22-23, in Johannesburg, South Africa, November 18, 2025. REUTERS/Siphiwe Sibeko
The IMF holds tens of millions of ounces of gold
Former finance minister Trevor Manuel at the second G20 Social Summit at the Birchwood Hotel and OR Tambo Conference Centre, Ekurhuleni, on Tuesday, 18 November. (Photo: Elmond Jiyane/GCIS)

Overview

  • The proposal shifts the focus to affordable refinancing instead of rescheduling to ease immediate repayment pressures.
  • Suggested funding sources include reallocating IMF Special Drawing Rights and selling part of the IMF’s gold holdings.
  • The report urges the creation of a Borrowers’ Club to amplify debtor countries’ influence in global finance talks.
  • It recommends overhauling sovereign debt resolution, reviewing IMF and World Bank lending frameworks, and requiring greater transparency from credit rating agencies.
  • President Cyril Ramaphosa received the recommendations and voiced support as developing-country public debt exceeds $31 trillion, constraining health and education budgets.