South Africa’s President Doesn’t Just Want a 9-Month Debt Reprieve. He’s Now Calling For a Two-Year “Standstill”

South African President Cyril Ramaphosa chaired a virtual meeting on Friday with Heads of State & neighboring countries to discuss the COVID-19 pandemic. Photo via @CyrilRamaphosa.

South African President Cyril Ramaphosa called on G20 countries and other international creditors to extend a proposed debt repayment moratorium from nine-months to two years. The president issued the appeal on Friday during a virtual summit of African leaders that he convened in his capacity as chairperson of the African Union.

The original nine-month plan was backed by multilateral lenders including the International Monetary Fund and The World Bank and is accompanied by tens of billions of dollars in COVID-19 relief for the continent.

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by Eric Olander

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