By Johnathan Paoli
President Cyril Ramaphosa has called for urgent global action to address unsustainable debt burdens threatening the development prospects of low- and middle-income countries, particularly in Africa.
In his weekly newsletter, Ramaphosa reflected on the outcomes of the 4th Financing for Development Conference in Sevilla, Spain, stressing that achieving debt sustainability was a fundamental requirement for unlocking inclusive and long-term growth.
“Debt can be a tool for development, if it is affordable and spent efficiently on infrastructure and other investments that support growth. However, a succession of external shocks, including the Covid-19 pandemic, the destabilising effect of various conflicts around the world and tightening financing conditions, has caused the cost of debt to rise rapidly for many developing economies,” the president wrote on Monday.
The Sevilla summit, which brought together heads of state, finance ministers and development experts, took place under the shadow of intensifying global crises, from
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