African countries are facing interest rate discrimination when borrowing money compared to other countries.
Speaking at the G20 summit in Johannesburg, South Africa, on Friday, United Nations secretary general António Guterres said African countries face higher interest rates than European nations.
He said this is despite some African countries having better financial and development prospects.
“There are European countries with much higher debt than that of many African countries, yet they have access to loans at low interest rates,” Guterres said.
President Netumbo Nandi-Ndaitwah said the high cost of debt servicing is reducing development spending, and there is a need for global solutions to ensure sustainability.
“Namibia urges the G20 leaders to strengthen debt treatment frameworks and provide concessional financing to countries that demonstrate commitment to sound debt management,” she said.
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