S-Africa pressures international unity on debt stability
(MENAFN) South African President Cyril Ramaphosa has called for urgent, ambitious, and coordinated global efforts to address the mounting debt crisis facing low-income and developing countries, highlighting the critical challenge of meeting the Sustainable Development Goals (SDGs) by 2030 with only five years left.
Ahead of the Fourth International Conference on Financing for Development (FfD4), Ramaphosa stressed that global cooperation is essential to support vulnerable economies and ensure sustainable development, emphasizing that progress affects the wellbeing of billions worldwide. He pointed to the UN 2024 SDG Report, which underscores the severity of the crisis and the need for faster, more aligned action across all platforms.
As chair of the G20, South Africa is prioritizing solidarity, equality, and sustainability, with debt sustainability a key focus. Ramaphosa noted that many developing countries, particularly in Africa, are burdened by debt costs exceeding investments in vital sectors like health and education. South Africa aims to promote sustainable strategies to reduce deficits, ease liquidity issues, and expand debt relief.
To foster collaboration, South Africa will host a side event at FfD4 themed “Forging a Common Agenda to Achieve Debt Sustainability in Developing Economies.” The conference in Spain from June 30 to July 3, 2025, will unite stakeholders to find shared solutions and build consensus.
Ramaphosa called on the international community to make bold commitments and inclusive decisions to ensure no nation or individual is left behind, believing such ambition can create a better world.
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