Former African Leaders Launch Debt Relief Initiative for Poor Nations

Former African leaders have launched the African Leaders Debt Relief Initiative (ALDRI) to advocate for urgent debt relief and fairer borrowing terms for heavily indebted nations. The initiative, signed during a G20 finance meeting in Cape Town, aims to address the crippling debt burdens that are diverting funds from essential services like education and health. Key figures, including ex-Nigerian President Olusegun Obasanjo, highlighted the unsustainable debt levels, with many countries spending more on interest payments than on critical development needs. The leaders are calling for a collective debt restructuring plan similar to the Highly Indebted Poor Countries (HIPC) program of the 1990s, emphasizing the need for international cooperation to reform the global financial architecture. Challenges remain, particularly from the U.S.'s 'America First' policy, which has reduced foreign aid and support for developing nations. The urgency of this initiative is underscored by the rising costs of debt servicing, which are threatening the economic stability of many countries in Africa and beyond.