Africa expert panel proposes a new G20 debt refinancing initiative

By Duncan Miriri and Colleen Goko

The Group of 20 major economies should team up with the International Monetary Fund and others to launch a new debt refinancing plan for low-income countries hit by heavy debt repayments, a panel of Africa experts said on Tuesday.

South Africa, which will host a G20 summit this weekend at the end of its year-long presidency of the group, set up the panel in March to examine what needs to be done to help heavily-indebted nations, especially on the continent.

During its presidency, South Africa has tried to keep critical issues for poor countries like debt and climate change on the agenda, but it has faced stiff resistance from the United States, which will not be attending the summit.