Call for Financial Justice: Guterres Urges G20 to Strengthen Debt Relief

United Nations Secretary-General Antonio Guterres critiqued the G20's existing debt relief mechanisms, urging for substantial reforms to tackle global financial vulnerabilities. Speaking in South Africa, Guterres emphasized the need for solutions to address the debt crisis and called for an enhanced role for multilateral development banks.

United Nations Secretary-General Antonio Guterres has expressed serious concerns over the adequacy of current debt relief mechanisms, calling for urgent reforms by the Group of Twenty (G20) nations. Speaking at an event in Johannesburg, Guterres offered scathing criticism of the G20's 'Common Framework', introduced during the COVID-19 pandemic, as being insufficient for addressing global debt issues.

During a visit to South Africa—the first African nation to lead the G20—Guterres underscored the need for meaningful solutions that allow countries to meet basic needs and strive for long-term development. His remarks suggest a definitive call to action for enhancing the capacity of multilateral development banks and ensuring fairer global governance structures for African nations.

South Africa's Finance Minister, Enoch Godongwana, echoed Guterres' sentiments, indicating that South Africa would focus on addressing debt vulnerabilities during its G20 presidency. Godongwana highlighted the need to form an expert panel dedicated to Africa's financing needs, asserting that the complexities of debt sustainability cannot be addressed solely through the Common Framework.

(With inputs from agencies.)