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The South African
2 days ago
- Business
- The South African
G20 members commit to addressing debt vulnerabilities
Members of the G20 have pledged to address the mounting debt pressures in low and middle-income economies amid global financial turbulence. Image: SAgovnews Home » G20 members commit to addressing debt vulnerabilities Members of the G20 have pledged to address the mounting debt pressures in low and middle-income economies amid global financial turbulence. Image: SAgovnews Members of the G20 have pledged to address the mounting debt pressures in low and middle-income economies amid the global financial is according to Deputy Finance Minister Dr David Masondo who addressed a media briefing following the third G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting held in KwaZulu-Natal this and emerging economies – particularly those in Africa – are grappling with high and rising debt vulnerabilities, shrinking fiscal flexibility and high borrowing costs.'[Members]… reaffirmed their commitment to further strengthen the implementation of the G20 Common Framework. To give effect to this, the G20 FMCBG endorsed the G20 Note on Lessons Learned from the Initial Common Framework Cases and the G20 Note on Steps of a Debt Restructuring under the Common Framework. 'These documents have been published on the G20 website. In addition, fact sheets on the Common Framework country cases for Chad, Zambia and Ghana have also been published on the G20 and Paris Club websites to improve information sharing,' he said. In further discussions, the members also acknowledged the G20 Note on Special drawing rights [SDRs] which, the Deputy Minister said, 'highlights the achievement of exceeding $100 billion in voluntary channelling of SDRs or equivalent contributions for countries in need.'The pledges to this currently stand at some $113.8 billion coming from 35 countries. 'Members also underscored the need for enhancing the representation and voice of developing countries in decision-making in MDBs [Multilateral Development Banks]and other international economic and financial institutions.'Members recognised the relative resilience of capital flows in Emerging Market and Developing Economies [EMDEs] despite heightened global policy uncertainty – underscored by strong macroeconomic fundamentals and sound policy frameworks. 'They also highlighted the growing influence of non-bank financial institutions [NBFIs] and stressed the importance of gaining a deeper understanding of their impact on these flows. Members further emphasised the significance of structural reforms in fostering long-term sustainable capital flows to EMDEs,' said the Deputy Minister. Regarding energy transitions, Masondo said during the meeting, Ministers and central bank Governors considered key recommendations for 'enhancing collaboration among Vertical Climate and Environment Funds, Multilateral Development Banks, National Development Banks and the private sector'.'Members reaffirmed the urgency of scaling up financing for adaptation and just transitions and reflected on key recommendations emerging from a comprehensive analysis undertaken by multiple knowledge partners. These included guidance on integrating adaptation into voluntary transition planning, addressing insurance protection gaps, scaling financing mechanisms, and strengthening enabling environment.'[They] also received an update on the work of the Climate Data Steering Committee, which has developed a set of principles for the development of a Common Carbon Credit Data Model aimed at promoting interoperability and improving transparency of carbon markets. 'They noted that the draft data model is currently undergoing a public consultation with both the private and public sectors,' the Deputy Minister said. The Third Meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) took place on 17 and 18 July 2025 in Durban. The National Treasury and the South African Reserve Bank are jointly responsible for overseeing the work of the G20 Finance Track under the co-chairship of Finance Minister Enoch Godongwana and Reserve Bank Governor Lesetja Kganyago. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
09-07-2025
- Politics
- The South African
Cyril Ramaphosa hails BRICS Summit as resounding success
President Cyril Ramaphosa has described the recently concluded 17th BRICS Summit held in Brazil as a resounding success. Image: X @SAgovnews Home » Cyril Ramaphosa hails BRICS Summit as resounding success President Cyril Ramaphosa has described the recently concluded 17th BRICS Summit held in Brazil as a resounding success. Image: X @SAgovnews President Cyril Ramaphosa has described the recently concluded 17th BRICS Summit as a resounding success, highlighting strengthened cooperation among member states and renewed commitment to building a more equitable global order. President Ramaphosa made the remarks during a media briefing following the conclusion of the Summit held in Rio de Janeiro, Brazil. The President commended Brazilian President, Luiz Inácio Lula da Silva, for organising the 'excellent' summit and expressed appreciation for the invitation extended to the other outreach countries to be part of the summit. Cyril Ramaphosa noted the growing interest around the world, particularly the Global South, towards BRICS.'We admitted a new member; Indonesia, and we also admitted new BRICS partner countries. There is a lot of interest in the Global South about being part of BRICS, which shows that BRICS continues to grow its voice, its reach, and by importance as well. [It] has become [a] fairly sizeable BRICS community, which already accounts for more than half of the population of the world. 'We also appreciated the fact that through BRICS we continue by respect [and] recognition, to respect the sovereignty of countries and their equalities, and that is an important consideration, as it leads to us cooperating on a number of areas,' the President said. Through the declaration, a number of areas, ranging from the governance of the world to issues like technical education, were covered. On global governance, the President said BRICS continues to respect the existence and the standing of the United Nations (UN) and called for the reform of the UN structures. The President argued that it is not acceptable that countries like India and Brazil, are excluded from participating meaningfully, and that the African continent which has 1.3 billion people is not represented in the UN Security Council. The summit also looked at the issue of climate change, calling for commitments to assist countries most affected by it, to be fulfilled. 'They should be assisted and supported through their transition to renewable energies and that countries that have made commitments particularly [in] the Global North, should live up to their commitments, with regards to ensuring that we address climate challenges that we are facing in the world,' President Ramaphosa said. On security matters, BRICS condemned the attack on countries like Iran and reiterated a call for a ceasefire in Gaza. The displacement and killings of people in Sudan was also a matter of concern for the summit which called for conflict on the African continent to be resolved through what the President called 'African solutions'. The President reiterated that BRICS is a community of countries that want to see progress in the world. 'BRICS Rio de Janeiro was very successful. We leave with very fulfilled hearts because it has added to many issues that we lead to the development of our world. 'There was also great appreciation and support for South Africa's coming G20 and recognising the importance of the G20 that encompasses so many countries in the world. We were wished great success, and we were greatly supported,' the President said. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
