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G20 Interfaith Forum: Addressing the challenges of global debt infrastructure

The 'Fishbowl Sessions' on debt/governance, moderated by Executive Director of the Network for Religious and Traditional Peacemakers in the United States, Dr Mohamed Elsanousi, saw attendees crowdsource ideas on the issue of debt and global governance at the G20 Interfaith Forum. Image: Theolin Tembo Several core issues, such as food poverty, debt, governance, education and vulnerable communities, dominated the final day of the G20 Interfaith Forum (IF20). The IF20 held an open dialogue on the issues. The forum convenes religious leaders, civil society organisations, government officials, multilateral institutions, and scholars to explore collaborative solutions to pressing global challenges. The IF20 event is intended to reflect and reinforce South Africa's G20 Presidency theme: 'Solidarity, Equality, Sustainability'. The Cape Town event is intended as a catalyst for action, fostering partnerships that transcend borders, beliefs, and sectors. The 'Fishbowl Sessions' on debt/governance, moderated by Executive Director of the Network for Religious and Traditional Peacemakers in the United States, Dr Mohamed Elsanousi, saw attendees crowdsource ideas on the issue of debt and global governance at the G20 Interfaith Forum. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ This session focused on seeking input from participants that highlights priorities, and work to make proposed recommendations more relevant and concrete. Attendees highlighted the impact of historical grievances and colonialisation, sovereign debt and local debt, how interfaith groups are custodians of community wealth and the responsibility owed to uplifting the community, as well as how the global debt infrastructure harms the African continent. The global debt system restructuring echoed a lot of the concerns raised at the African Union Conference on Debt, which took place from May 12-14, 2025. The draft declaration, which was adopted, acknowledged that public debt in Africa has increased significantly over the last decade, resulting in over 25 countries being either at high risk of debt distress or in debt distress, which has created a huge challenge as the rising debt service costs are draining vital public resources needed for development and achievement of the Sustainable Development Goals ('SDGs') and the AU Agenda 2063. The African Union Commission (AUC) intends to call for the reform of the global financial architecture, particularly reforming the G20 Common Framework to ensure that it delivers adequate and timely debt relief necessary for restoring and safeguarding debt sustainability. The 'Fishbowl Sessions' on debt/governance, moderated by Executive Director of the Network for Religious and Traditional Peacemakers in the United States, Dr Mohamed Elsanousi. Image: Theolin Tembo During Thursday's discussion, Elsanousi highlighted how religious communities can come together to ensure funds remain recirculated within their respective community. One speaker highlighted that, 'we are not exempt from using the resources under our auspices to tend to needs we see in our communities'. Executive Director of the Christian Connections for International Health, Doug Fountain, was in attendance at the discussion, pointed out how, in the United States, there is a network of community banks that function in the same way. Elsanousi also pivoted the discussion to include the issue of corruption, noting that while South Africa has, in his view, an impressive GDP, but 'there are still problems', namely the 'impact of corruption on debt'. One of the attendees touched on how African countries 'get addicted to the debt, and finance a lot of corruption through the debt'. Another speaker questioned what debt reform is going to look like, 'we have to think (in a way) that we aren't dependent on that, but not sure how to get there'. Another individual, speaking of South Africa, said: 'We have a society where corruption is endemic… This nation has a serious problem not being addressed, and as long as there is corruption at that level, with municipalities not solvent (I am not sure how to fix that)… The problem then is when you ask to cancel the debt, the question is, where will that money go?' The issue of governance also arose with some speakers mentioning how incompetent people are being put in charge, not just in South Africa, but across the whole continent. They touched on how there is a need for leaders who govern in an ethical way, and have the correct priorities. DA MP, Andrew Bateman, who was in attendance, said that there is still a long way to go in rooting out the corruption and the impact of it, in making sure funds are spent appropriately. He also touched on how the Covid-19 pandemic played a role in the ballooning debt. 'The question is, when we do get a government that is willing to make steps of reform, will there be some kind of globally-backed initiative to make it easier for those countries, if they do meet the necessary criteria, to eradicate the corruption, to deal with mismanagement, to deal with overspending, to use funds responsibly, will that be met by globe initiatives to make it easier for those countries to get out of the situation they find themselves in. 'Right now, we spend as a nation about 22% of the tax revenue that we receive servicing the interest on our national debt - which is only expected to peak at 77% of our GDP this year, which is lower than that of developed countries, but it is not affordable for us, because the risk, and the inflation rate. 'If there were mechanisms that were in place, which state that if you do ABCD, then we will do the following to make it easier for your debt servicing costs to come down, that would make a significant difference.'