David McNair, the executive director of One Campaign, has stated that over 20 African countries are projected to spend more on debt servicing than on essential services, such as healthcare and education, by 2025. In an interview with Africa News, McNair attributed this crisis to high borrowing costs and slow debt restructuring processes. He has urged global institutions to help lower borrowing costs during South Africa’s G20 presidency.
“The South African G20 presidency is considering the establishment of a Cost of Capital Commission to unite all stakeholders and identify the factors contributing to these high costs and how we can mitigate them. If we could develop an international policy agenda that proposes necessary reforms, it could effectively reduce these expenses.”
VOC News
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