South Africa will lead a high-level push for debt relief and financial reform at the 4th International Conference on Financing for Development slated for Spain next week, President Cyril Ramaphosa’s office said on Saturday.
Presidential spokesperson Vincent Magwenya said International Relations and Cooperation Minister Ronald Lamola will head South Africa’s delegation to the summit, which runs from 30 June to 3 July in Seville, Spain.
The summit, co-hosted by Spanish Prime Minister Pedro Sánchez and UN Secretary-General António Guterres, aims to accelerate progress on the Sustainable Development Goals and overhaul the global financial architecture to better serve developing economies.
On the sidelines of the summit, South Africa will convene a key side event titled “Forging a Common Agenda to Achieve Debt Sustainability in Developing Economies.”
“South Africa seeks to advance through cooperation and collaboration, sustainable solutions to tackle high structural deficits and liquidity challenges and to extend debt relief to developing economies which disproportionately affects countries in Africa,” Magwenya said.
The session will bring together global experts and policymakers to explore coordinated strategies for addressing unsustainable debt burdens, particularly in Africa.
Africa’s debt crisis has deepened in recent years, with over half of the continent’s low-income countries either in or at high risk of debt distress.
According to the UN Development Programme, debt servicing now consumes more than 20 percent of government revenues in several African countries, crowding out investment in health, education and infrastructure.
The crisis has been compounded by climate shocks, rising borrowing costs and limited access to concessional finance.
South Africa’s participation aligns with its G20 Presidency where it has pledged to prioritise inclusive growth, sustainable finance and reform of global debt governance.
The summit comes at a critical juncture for global development financing as multilateral institutions face mounting pressure to deliver on debt relief, climate finance and equitable access to capital for the Global South.
South Africa’s leadership at the summit is expected to amplify African voices and push for systemic reforms that reflect the continent’s development priorities.
JN/APA