Reforming the Global Debt Architecture
The sovereign-debt crisis is hitting Africa particularly hard and could lead to a lost decade of development. While the G20 has tried to ease the burden, its Common Framework has proven ineffective and needs to be fixed, and international institutions must make room at the policymaking table for African countries.
ADDIS ABABA – One in five people globally live in countries that are in debt distress or at risk of it. Two-thirds of low-income countries – most of them in Africa – fall into this category, while eight of the nine countries currently in debt distress are on the continent.