UN Chief Calls for Urgent Debt Relief Amid Rising Social Unrest in Africa

UN Secretary-General Antonio Guterres has highlighted the urgent need for debt relief for African countries, stressing that inadequate access to financial resources is leading to widespread social unrest. Proposing reforms to the international financial system, Guterres urged for substantial liquidity support and sustainable long-term solutions.

In a pointed address at a major China-Africa cooperation summit in Beijing, United Nations Secretary-General Antonio Guterres warned that inadequate access to debt relief and scarce resources in African countries are a recipe for social unrest. He proposed new reforms to the international financial architecture to address these issues.

Guterres highlighted that a growing debt crisis across the billion-strong continent has stirred civil unrest, citing recent protests in Kenya over tax hikes that have inspired similar demonstrations in Nigeria and Uganda over living costs.

Despite efforts by African nations to restructure their debts through the G20's 'Common Framework,' progress has been slow. Zambia recently became the first country to successfully restructure its debt under this scheme, three years after defaulting on its loans.

At the Beijing summit, Guterres called the current debt situation 'unsustainable' and urged for 'deep reforms' to the financial system. He also called for a fresh stimulus package to provide developing countries with the liquidity they need for both short- and long-term solutions.

China, the world's largest bilateral lender, has committed 360 billion yuan ($50.70 billion) in new financing to Africa over the next three years. Guterres praised China's initiatives, suggesting they could spark a 'renewable energy revolution' and act as a catalyst for key transitions in food systems and digital connectivity.

On a related note, Angola's finance minister revealed that the country is considering funding proposals from Beijing, Brussels, and other entities to curb inflation and foster public-private partnerships.

(With inputs from agencies.)