Melinda French Gates Says World Debt Woes Need Bold Action Now
- Debt payments causing economic dilemma for African governments
- China, US must work together in this fraught moment, she says
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Melinda French Gates is urging world leaders gathering in Paris this week to take bolder action to reform the global financial system and offer a way out of growing debt woes for places like Africa.
In an interview with Bloomberg News, French Gates said too many African countries are emerging from the coronavirus pandemic with debt loads that are forcing them to contemplate sacrificing investments in social programs with proven long-term benefits to make short-term payments. This also comes as they struggle to raise funds to confront climate catastrophes.