President Cyril Ramaphosa has announced that South Africa will organise a side event at the fourth International Conference on Financing for Development (FfD4), in pursuit of sustainable funding to back the country’s pursuit of the Sustainable Development Goals (SDGs).

The FfD4 will be held between June 30 and July 3, in Spain, under the theme ‘Forging a common agenda to achieve debt sustainability in developing economies’.

The conference will address new and emerging issues, and the urgent need to fully implement the SDGs, and support reform of the international financial architecture.

Ramaphosa pointed out that the policy space available to developing countries was significantly constrained by debt servicing obligations and by climate and development financing needs.

He noted that 23 African countries were paying more for debt costs than critical development enablers such as health care and education.

He said South Africa, as G20 President, wanted to advance sustainable solutions to tackle high structural deficits and liquidity challenges and extend debt relief to developing economies. 

“South Africa has been consistent that the priorities of its G20 Presidency should complement and support the ambitious objectives of the FfD4. We have placed solidarity, equality and sustainability at the centre of our G20 Presidency, driven by our conviction that global challenges can only be resolved through cooperation, collaboration and partnership,” he stated.

Ramaphosa said the FfD4 was a crucial moment for the global community to accelerate its collective efforts, calling for urgency and “far greater ambition”.

He pointed out that this event would bring together leading voices from various debt-related initiatives to identify synergies and areas of convergence.

“…it will seek consensus and highlight solutions that enjoy broad support. The Fourth International Conference on Financing for Development is a crucial opportunity to reshape the global financial system in support of the Sustainable Development Goals,” he said.

He said countries must emerge from the conference with bold decisions and an ambitious action plan that leaves no country, no community and no person behind.