Johannesburg, South Africa – Algeria has reiterated its call for urgent action to address the crippling debt burden faced by developing and impoverished nations. The appeal was made at the G20 Summit in Johannesburg, where Algeria’s message emphasized the need for comprehensive solutions to alleviate financial strain on vulnerable countries.
Prime Minister Sifi Gherib delivered a message on behalf of President Abdelmadjid Tebboune, advocating for a multi-faceted approach to debt relief. This includes potential debt forgiveness and the conversion of debt into direct, viable investments within these nations. The proposal also highlighted the importance of addressing technical complexities in risk assessment through in-depth reforms. These reforms aim to provide a pathway for countries struggling under the weight of sovereign debt.
“Algeria adds its voice to those nations calling for the reform of international financial organizations,” the President’s message stated, emphasizing the need for sound economic and financial governance. This reform should involve a review of decision-making mechanisms to ensure fair, equitable, and transparent representation for developing countries and the African continent within the governing bodies of these institutions.
Furthermore, Algeria continues to champion the mobilization of international financing and resources to support global efforts in empowering developing and impoverished nations with the means and technologies to transition towards green energy. The nation advocates for the establishment of bilateral and international partnerships in this critical area.
Algeria also expressed its support for initiatives aimed at increasing funding allocated to major risk prevention and rapid disaster response. The nation calls on financial institutions and international banks to consider creating a funding mechanism that can be activated upon request from affected countries, providing swift assistance in times of crisis.
