PRESIDENT Cyril Ramaphosa has called on world leaders to tackle low growth, high debt and constrained fiscal space.
Addressing the 2nd G20 Foreign Ministers' Meeting in New York on Thursday, 25 September, he said this will ensure a stronger, more resilient global economy.
Ramaphosa said as the countries of the world gather for the 80th anniversary of the UN, they are reaffirming peace as a path to sustainable economic development.
"Without peace, there can be no sustainable development. At the same time, inclusive economic development is vital to peace by addressing the root causes of conflict."
He highlighted that the international community today confronts many challenges and warned that the promise of sustainable development is getting further from reach.
As the SA delegation concluded its four-day working visit to the High-Level Segment of the 80th Session of the United Nations General Assembly, Ramaphosa expressed confidence that Mzansi will host a successful G20 Summit in November.
"South Africa has placed Solidarity, Equality and Sustainability at the centre of our G20 Presidency. This is driven by our conviction that global challenges can only be resolved through co-operation, collaboration and partnership."
He pointed out that more than 85% of the Sustainable Development Goals are currently off track, with setbacks particularly acute in fighting hunger, extreme poverty and rising inequality.
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He mentioned that the climate crisis deepens the problem.
"Extreme weather events are inflicting severe losses, particularly across Africa and other climate-vulnerable regions.
"War and conflict are causing massive loss of life, displacing millions and creating humanitarian catastrophes. These crises test societal resilience and expose structural injustices, gradually eroding trust in multilateralism."
He said the world looks to the G20 as the premier forum for international economic co-operation, to provide leadership in addressing these urgent challenges.
The President said that to respond to these issues, leaders need meaningful reforms of the international financial architecture.
"We must increase grant and concessional financing, enhance multilateral coordination on debt, draw in the private sector and ensure equal participation in decision-making on the international economic order."
Ramaphosa stressed that as part of the Mzansi G20 Presidency priorities, they advocate for actions to support low-income and developing economies through debt sustainability and reducing capital costs.
He said an African Panel of Experts has been appointed to work on recommendations addressing impediments to growth and development in Africa, including the cost of capital.
Ramaphosa was pleased that world leaders collectively adopted the Seville Commitment, a detailed blueprint to address the sustainable development financing gap and solutions to reshape the global financial system.
"I look forward to receiving you and your esteemed delegations at the G20 Leaders' Summit in Joburg in November."
