Overview
- An expert panel released a report in Johannesburg calling for the G20, IMF and World Bank to launch a refinancing scheme for low‑income and vulnerable countries.
- The plan prioritizes refinancing over rescheduling and envisions either a special fund or debt swaps to buy back countries’ most expensive obligations.
- Potential funding sources include IMF special drawing rights and limited sales of IMF gold, which would require backing from IMF shareholders.
- President Cyril Ramaphosa welcomed the recommendations and the use of IMF gold, while the report also urges a borrowers' club and reviews of IMF/World Bank lending frameworks and credit rating practices.
- The push comes ahead of the South Africa‑hosted G20 summit after years of slow progress under the Common Framework and renewed debt strains in countries such as Senegal and Mozambique.