Cyril Ramaphosa speaks at the High-Level Dialogue on Financing for Development Summit

Cyril Ramaphosa on the margins of the UN General Assembly, speaking at the High-Level Dialogue on Financing for Development Summit, outlined the situation from the perspective of the countries of the Global South, as reported by the South African government website.

The head of the South African Republic named the following acute problems facing the world community: convergence of a climate crisis, recession, increased conflicts, environmental degradation, growing food insecurity, deepening poverty and unacceptable levels of hunger.

This is particularly relevant for countries in the Global South, and in particular the African continent. It was expected that the most vulnerable populations would receive the support they need.

However, Ramaphosa said, "agreed international commitments were not honoured. Principles such as common but differentiated responsibilities are not being respected."

He pointed to the deepening gap between developed countries and the Global South, which affects all aspects of life for people in developing countries.

Mentioning initiatives that are already in place to help countries in need, the South African leader said: "Sustainable and inclusive growth requires that more be done. We must strengthen and reform the international financial architecture. Developing economy countries must participate equally and meaningfully in the decision-making process of the international economic order. The mandates of multilateral development banks must be reframed to respond to the needs of developing economies. We must assert the principle of country ownership.”

Ramaphosa called for the reflection and incorporation of objective data on the needs and capacities of both developed and developing countries into the workings of the international tax system.

“Multilateral development banks should support projects and programmes that are aligned to the development priorities and climate commitments of these countries. More innovation is required to enable the private sector to play a greater role in addressing the finance gap. This includes a new approach to blended finance with a focus on the developmental impact of investments,“ he said in his speech.

The South African president also emphasised the critical importance of public finance for the development of countries.

Ramaphosa called for developed countries to meet their commitment to allocate at least 0.7 per cent of their gross national income to official development assistance. They also need to fulfil their commitment to mobilise $100 billion a year to fight climate change.