South Africa urges global unity on debt sustainability
President Cyril Ramaphosa has urged increased urgency, ambition, and alignment in addressing the global debt crisis that confronts low-income and developing countries, emphasising that the world is racing against time with just five years remaining to meet the Sustainable Development Goals (SDGs) by 2030.
Speaking ahead of the Fourth International Conference on Financing for Development (FfD4), Ramaphosa emphasised the need for unified global action to achieve sustainable development and support vulnerable economies.
”We must achieve these goals not merely because we have committed them to paper, but because the health, welfare, and happiness of billions of people depend on the progress we make.”
He described the conference as a decisive moment for the global community, especially in the wake of the United Nations 2024 Report on the SDGs, which he said “captures the gravity of the crisis.”
Referring directly to the report, Ramaphosa stressed that it makes clear. “We must think and act differently. We must move faster and with far greater ambition. Importantly, we must align our efforts across all available fora and platforms.”
Under South Africa’s G20 Presidency, Ramaphosa reaffirmed the country’s commitment to prioritising solidarity, equality, and sustainability. He stressed that global challenges can only be solved through cooperation, collaboration, and partnership.
A central focus of South Africa’s G20 agenda is debt sustainability. Ramaphosa pointed out that many developing nations are trapped by high debt servicing costs, limiting their ability to invest in essential services.
”We know, for example, that 23 countries in Africa are paying more for debt costs than critical development enablers like health and education. South Africa seeks to advance sustainable solutions to tackle high structural deficits and liquidity challenges and extend debt relief to developing economies,” he said.
To address these issues, South Africa will convene a side event at FfD4 under the theme: Forging a Common Agenda to Achieve Debt Sustainability in Developing Economies.
The conference, which will take place from June 30 to July 3, 2025, in Spain, aims to bring together stakeholders from across debt-related initiatives to identify “synergies and areas of convergence” and build consensus on sustainable solutions.
Ramaphosa stressed the importance of the FfD4 conference, calling it: “A crucial opportunity to reshape global financing systems in support of the SDGs.”
He urged bold and inclusive action: “We must therefore emerge from the conference with bold decisions and ambitious action plans that should really leave no country behind, no community or no person behind.
“If we can have such a great ambition, I am sure the world will be a much better place.”
First published by IOL
