\n \u201cMany African governments are spending more on servicing debt than on investing in human development.\n <\/p>\n
\n \u201cApproximately 57 percent of Africa\u2019s population lives in countries where debt servicing surpasses social spending,\u201d Youssouf said.\n <\/p>\n
<\/p>\n
\n The spiralling debt service costs, he warned, are \u201cdiverting scarce resources away from essential sectors like education, healthcare, and infrastructure.\u201d\n <\/p>\n
\n Youssouf urged the G20 and international lenders to confront what he called a systemic flaw in the global financial architecture.\n <\/p>\n
\n \u201cIt is a system built for a world that should no longer exist, one that measures creditworthiness through biased metrics and perpetuates structural inequality,\u201d he said.\n <\/p>\n
<\/p>\n
\n The AU chairperson called for a \u201cnew financial compact\u201d that recognises Africa\u2019s shared responsibility in global economic growth and enables fairer access to capital.\n <\/p>\n
\n \u201cThe challenge is not merely to manage debt, but to reimagine the financial system that sustains this imbalance,\u201d he added.\n <\/p>\n
\n The establishment of the Africa Expert Panel, Youssouf said, \u201csignals a shift from consultation to co-creation, from inclusion to real influence.\u201d\n <\/p>\n
\n The AU believes that the ongoing high-level dialogue presents a rare opportunity to \u201cchallenge long-held assumptions\u201d and craft practical reforms for fairer global finance, ensuring Africa is no longer \u201ca borrower trapped by outdated rules, but a partner shaping a new economic order.\u201d\n <\/p>\n","protected":false},"excerpt":{"rendered":"The African Union (AU) has warned that this mounting debt poses a threat to long-term growth, social development,…\n","protected":false},"author":2,"featured_media":128404,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[114,184,85,46],"class_list":["post-128403","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-il","tag-israel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/128403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=128403"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/128403\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/128404"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=128403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=128403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=128403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}