South Africa will prioritize needs of Africa, South during G20 presidency, says Ramaphosa

South Africa’s president said on Monday that when his country assumes the G20 presidency later this year, it will prioritize the needs and aspirations of Africa and the South.

“As a signatory to the Compact for the Future, we want sustainable development, driven by citizens, to become a reality,” Cyril Ramaphosa wrote in his weekly bulletin on Monday.

The Future Pact commits Member States to strengthening multilateral action towards a new agenda for peace.

Ramaphosa also reflected on his country’s position at the United Nations General Assembly last week in New York, where he reiterated that sustainable development can only be achieved if it is driven by inclusive multilateral institutions, responsive and agile.

He said: “This means that bodies like the United Nations and financial institutions like the International Monetary Fund must be fundamentally reformed. »

Ramaphosa gave the example of the COVID-19 pandemic, which he said had exposed serious shortcomings in the international financial architecture.

“Low-income countries have struggled to secure financial and other assistance from multilateral institutions to support their response to the pandemic,” he said.

Ramaphosa said tough lending requirements and overly bureaucratic systems meant many poorer countries were unable to get help when they needed it most.

“Similarly, countries with developing economies have also struggled to obtain the funds they need, at sufficient scale, to respond to climate change and its impacts. This is largely because countries in the Northern Hemisphere, which are largely responsible for climate damage, have failed to meet expectations. commitments they made at the United Nations Climate Change Conference in Paris in 2015,” the South African leader said.

Ramaphosa said many countries in Africa and the South face the high cost of servicing their debt, which diverts much-needed funds for development.

He called for reforms to the UN Security Council, saying: “At a time when threats to international peace and security are numerous and complex, we can no longer entrust the security of the world in the hands of a few great powers while all countries are affected.”

Ramaphosa further said that the current approach to world peace is unjust, unjust and unsustainable, adding: “The UN Security Council must therefore be more representative of the current UN membership.”