Reserve Bank Governor Lesetja Kganyago warned on Wednesday that rising global debt poses a risk to financial stability.

The Financial Stability Board, which reports to the G20, has elevated debt concerns to a top-tier issue, Kganyago said on the sidelines of the International Monetary Fund and World Bank annual meetings in Washington.

According to IMF projections, global public debt is expected to surpass 100% of global output by 2029, with the organization cautioning that under an "adverse but plausible" scenario, debt could reach 123% of GDP by the end of the current decade - levels not seen since the aftermath of World War Two.

"The issue of debt is not an emerging market problem," Kganyago said. While African nations face liquidity and fiscal challenges related to debt, "the debt is now a global issue, and it is a problem in the developed economies as well," he added.

Debt concerns are expected to be a focus of the G20 meeting of finance ministers and central bankers, which ends on Thursday. 

It is expected to issue a declaration addressing global debt as South Africa prepares to hand over its presidency to the US

Kganyago said South Africa has focused on continuity during its presidency, including elevating cross-border payments within the G20 framework.

Civil society groups have criticized South Africa for slow progress on debt sustainability during its leadership. In a letter signed by 165 organizations, including Eurodad and the Malala Fund, campaigners called for deeper debt relief and reforms to global restructuring processes.

IMF fiscal chief Vitor Gaspar warned of a potential fiscal-financial doom loop triggered by sustained borrowing and high interest rates, urging governments to rebuild buffers.

Kganyago said discussions were ongoing regarding how the incoming US presidency would continue the African agenda on debt and financing costs.

"Tomorrow, at the end of the meeting, we will know exactly what they are taking off, because in their accepting the chair, then they will state what they are carrying from the previous presidency, and what are they bringing in their presidency," he said.

Highlighting achievements under South Africa's leadership, Kganyago pointed to the elevation of cross-border payments within the G20 framework.

"It had proved to be a very good proposition, because that is something that everybody had signed off on, including the US, which is a very important participant in that cross-border payment committee," he said.