Heads of state from the world’s most powerful countries gathered in Johannesburg, South Africa, over the weekend for a summit that had been billed, under South Africa’s G20 presidency, as a turning point for addressing debt distress across the Global South.

South African President Cyril Ramaphosa had consistently framed the issue as central to his agenda, arguing that spiralling repayment costs have left governments, particularly in Africa, with little room to fund essential services like healthcare and education.

But despite repeated pledges – including in the leaders’ summit declaration to “strengthen the implementation of the G20 Common Framework” – South Africa did not deliver any new proposals for easing fiscal constraints in indebted nations.

Hopes that world leaders would use t

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