Washington, DC – July 17 and 18 South Africa hosts G20 finance ministers for talks on the global economy, debt, financial stability and infrastructure and development bank loans. Last month, the World Bank forecast the lowest growth rate, outside recessions, since 2008.

"Low economic growth means developing countries will do less to address poverty and recovering from pandemic losses is further out of reach," said Eric LeCompte, the Executive Director of Jubilee USA Network, which focuses on G20 policies. “As debt payments are prioritized by countries, we'll see deeper cuts to education, healthcare and social services."

South Africa called for “bold and urgent action on a comprehensive plan to deal with high levels of debt in Africa and other developing countries" and appointed a panel of experts chaired by its former Finance Minister Trevor Manuel to make recommendations. A separate United Nations panel Manuel co-chairs found 26 countries faced ongoing debt crises since 2018, but only four of them sought a debt reduction. The UN panel questions whether existing debt restructuring processes are effective.

The South Africa-hosted G20 coincides with the Jubilee Year when interreligious institutions are calling for debt relief and changes to the economy to address poverty.

“As the first African country to chair the G20, South Africa wants solutions to the debt problems that plague the region,” shared LeCompte. 

At previous meetings, G20 finance ministers did not reach consensus on a communique, but Bloomberg reported that government officials sound confident that finance ministers will release a statement at this meeting.

Learn about the Jubilee Year of 2025 here.