African Union Chair Cyril Ramaphosa to join UN high-level event on development financing amid COVID-19

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President Cyril Ramaphosa will on Thursday May 28, 2020, address and participate in a virtual United Nations High-Level Event on Financing for Development in the Era of COVID-19 and Beyond.

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Mr. Ramaphosa will participate at the invitation of the United Nations Secretary-General António Guterres. 

The High-Level Event is jointly hosted by Prime Minister Justin Trudeau of Canada and Prime Minister Andrew Holness of Jamaica.

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The purpose is to formulate a comprehensive global response to provide support to developing countries to ensure that the COVID-19 pandemic does not derail achievement of the 17 Sustainable Development Goals of the UN’s 2030 Agenda for Sustainable Development.

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Canada, Jamaica and the United Nations are convening the High-Level Event to join forces with Heads of State and Government and of International Organisations to provide concrete solutions to the COVID-19 development emergency.

The Event is expected to set a definite pathway to concrete and effective solutions to six pressing issues including:

1. The urgent need for expanding liquidity in the global economy, including through additional issuance of Special Drawing Rights (SDR) at the International Monetary Fund (IMF). 

2. The need for an across-the-board debt standstill for all developing countries that requests forbearance, meaningful debt relief and progress on the international debt architecture. 

3. The need to create a space in which private creditors can proactively engage in effective and timely solutions to the looming debt crisis and avoid the significantly higher cost to investors and societies that would result from a disorderly wave of defaults. 

4. Prerequisites for enhancing external finance for inclusive growth and creating jobs, including measures to enhance Foreign Direct Investment (FDI), portfolio investment, long-term credit facilities, and lowering the transactions costs of migrant remittances. 

5. Measures to prevent processing and receipt of Illicit Financial Flows (IFFs), assist in repatriating such flows, and prosecute perpetrators. 

6. Ensuring a sustainable and inclusive recovery by aligning recovery policies with Sustainable Development Goals.

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