Luanda — President João Lourenço returned to Angola on Saturday night after participating in the G20 Summit in Johannesburg, South Africa. He attended the summit in his capacity as chairperson of the African Union (AU).

João Lourenço participated in several sessions aimed at strengthening multilateralism and reforming the international financial architecture. He addressed the challenges of climate change, an issue that Angola has given special attention to in its development strategy.

The Angolan statesman also held bilateral meetings with several counterparts to strengthen cooperation, attract foreign investment, and promote projects that will stimulate the country's economic growth.

Lourenço urged the G20 to provide urgent and transparent debt relief to the many African countries affected by unsustainable debt. He emphasized that this debt, coupled with high interest rates and excessive servicing costs, is the biggest obstacle to inclusive growth and sustainable development in Africa.

He stated that this financial burden compromises essential investments in health, education, and climate change adaptation.

The Angolan Head of State emphasized the need for decisive action regarding debt restructuring and recalled that last month, African countries had approved the African Common Position on Debt based on the Lomé Declaration.

Lourenço reiterated the call for the G20 Common Framework to be implemented with greater urgency and transparency to ensure substantial debt relief for affected countries.

The AU Chairperson encouraged the G20 to support the modernization of Credit Rating Agency practices to correct any biases and ensure assessments that consider more comprehensive development metrics.ART/AMP