G20 issues debt statement, says many developing countries still face challenges

The Group of 20 major economies, led this year by South Africa, said on Thursday the risk of a systemic debt crisis appears to be broadly contained, but many vulnerable low- and middle-income countries still face high financing costs and other issues.

G20 finance officials issued a statement on debt after gathering during the annual meetings of the International Monetary Fund and World Bank in Washington, noting that the situation was particularly challenging for many low-income countries, especially in Africa.