Johannesburg, South Africa – President Abdelmadjid Tebboune reiterated his call on Saturday for urgent action to address the mounting debt burden faced by developing and impoverished nations. Speaking at the G20 Summit, the President emphasized the critical need for a comprehensive solution to alleviate the financial strain hindering progress in these countries.
President Tebboune advocated for a multi-faceted approach, suggesting the partial cancellation of existing debt or its conversion into direct and sustainable investments. He argued that such measures would not only provide immediate relief but also foster long-term economic growth and stability within these nations.
“The issue of debt in developing countries requires immediate and decisive action,” President Tebboune stated. “We must explore innovative solutions that go beyond traditional debt management strategies. Converting debt into viable investments or, where necessary, forgiving a portion of it, is essential to unlock the potential of these nations and allow them to invest in their future.”
The President’s remarks come at a time when many developing countries are grappling with the combined challenges of rising inflation, global economic uncertainty, and the lingering effects of the recent global crises. These factors have exacerbated existing debt vulnerabilities and threaten to derail progress towards achieving sustainable development goals.
President Tebboune’s renewed call underscores Algeria’s commitment to advocating for the interests of developing nations on the international stage. He emphasized the importance of international cooperation and solidarity in addressing the global debt crisis and ensuring a more equitable and sustainable future for all.
The President is expected to continue to raise this issue throughout the G20 Summit, engaging with other world leaders to forge a consensus on effective strategies for tackling the debt crisis and promoting sustainable development in developing countries.
