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.”