Algerian President Abdelmadjid Tebboune renewed the call for an urgent solution to the debt issue of developing and least-developed countries, through an approach that involves either writing off part of the debt or converting it into direct and productive investments.
In an address delivered on his behalf by Prime Minister, Sifi Ghrieb, to the participants of the G20 Summit in Johannesburg , Algerian President Abdelmadjid Tebboune said: “I take this opportunity to join my country’s voice with that of South Africa, which has called for an urgent solution to the burden of debt and its servicing on developing and least-developed countries, through an approach that includes writing off part of it or converting it into direct and productive investments in these countries.”
“In its commitment to contributing to solutions for this dilemma, my country has initiated the cancellation of debts owed by 18 African countries in order to alleviate the debt burden on these sister nations,” the Algerian President said.
He noted that the issue of debt is not limited to its size, but its complexity lies in the technical aspects related to risk-assessment policies by international financial institutions, which make debt servicing excessively burdensome for the economies of these countries. “While we are fully aware of the technical complexities of risk assessment, we call for deep reforms that would provide a way out for countries struggling under the weight of sovereign debt.”
“Algeria joins its voice to those of the countries calling for the reform of international financial organizations within the framework of sound economic and financial governance, through revising decision-making mechanisms in a way that ensures fair, equitable, and transparent representation of developing countries and the African continent in the governing bodies of these institutions,” President Tebboune said.
In the field of renewable energy, “my country has consistently advocated for mobilizing international financing and resources to support global efforts aimed at enabling developing and least-developed countries to access the means and technologies necessary for the transition to green energy,” he said.
In this regard, Algeria called for the establishment of bilateral and international partnerships between G20 member countries and partner countries, focused on the energy transition.
President Tebboune also emphasized Algeria’s support to all initiatives aimed at increasing the volume of financing allocated to major risk prevention and rapid disaster response.
“Experience has taught us that no country in the world is immune to the possibility of a disaster occurring on its territory, which requires a swift national and international response to assist those affected. International financial institutions and banks are called upon to consider a financing mechanism for rapid disaster response, to be activated upon the request of any affected country,” he said.
Additionally, Algeria welcomed the African Union’s accession to G20 membership, and expressed confidence that this inclusion will help defend the interests of the African continent in international forums and allow the world, as well as more developed countries, to gain insight into Africa’s perspective on international economic issues, particularly those related to development financing, access to global markets, and technology transfer.
“The mutually beneficial partnership between the two parties, namely Africa and the G20, will find its natural place within the African Continental Free Trade Area (AfCFTA), which holds particular significance for African countries in advancing regional integration and cooperation, and promoting inclusive and sustainable growth across the continent,” the Algerian President said, adding, “My country joins international calls advocating the need to combat illicit financial flows from the African continent and to ensure the fair utilization of mineral resources for the development of African countries, considering that these resources exist on African soil and belong to Africans above all.”
