The Group of 20 major economies has been handed a new proposal on debt — one that calls for a “fresh debt-refinancing initiative” for low-income countries.
That initiative would focus on refinancing debt instead of rescheduling it, and using a collection of resources to do so — including selling some of the 90 million ounces of gold held by the International Monetary Fund.
“At this global crossroads, African and G20 leaders must choose which path they will take,” reads the proposal, which was unveiled in Johannesburg on Tuesday, Nov. 18. “Business as usual. Or a new partnership with Africa.”
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About the author
Elissa Miolene
Elissa Miolene reports on USAID and the U.S. government at Devex. She previously covered education at The San Jose Mercury News, and has written for outlets like The Wall Street Journal, San Francisco Chronicle, Washingtonian magazine, among others. Before shifting to journalism, Elissa led communications for humanitarian agencies in the United States, East Africa, and South Asia.
