South African President to G20: Time to double your support for Africa amid a ravaging COVID-19 economic crisis

1,014FollowersFollow

South Africa’s president Cyril Ramaphosa told the G20 leaders during a virtual summit on Saturday that Africa was in need of more help amid a ravaging coronavirus pandemic that has killed tens of thousands of people on the continent and crushed the economy.

According to the chairperson of the African Union, with the economic activity on the continent expected to contract by 3.2 per cent in 2020, and the region falling into a recession for the first time in 25 years, the G20 should help, and help fast, and help now.

He said: “For most of this year, the G20 has focused on supporting countries in their efforts to save lives and contain the spread of the virus.

“Now, we must also confront the financial and economic aftermath.

“Many of the hardest hit economies are in Africa.

“Economic activity on the continent is expected to contract by 3.2 per cent in 2020, with the region falling into a recession for the first time in 25 years.

“The macro-economic and governance reforms undertaken by many countries were politically painful and took a time to produce results. Now all of that has been set back.

“We call on the G20 member states to use all of their persuasive powers, individually and collectively, to convince all creditor countries, the multilateral development banks, the credit rating agencies and the private sector to continue to work with us to address the problem of burgeoning and unsustainable developing country debt.

“The G20 Debt Service Suspension Initiative has helped to defer the immediate debt service payments of participating countries, and the recently agreed 6- month extension will provide further support.

“However, in addition to the suspension of debt service payments, large financing needs remain necessary to both stave off a deep humanitarian crisis and stimulate economic rebirth.

“The IMF should urgently consider the issuance of additional Special Drawing Rights and for the allocation of these disproportionately to member countries that need the resources most.

“Another immediate task is to ensure there is equitable and affordable access for all countries to the COVID-19 vaccine once it is developed.

“I call upon the G20 countries to assist with the funding shortfalls for the Access to COVID-19 Tools Accelerator to ensure this platform is able to deliver on its mandate.

“We have an opportunity now to drive global economic reforms.

“This includes WTO reform to address imbalances in global trade rules, measures to accelerate industrialisation in developing countries, and combatting the practice of under-invoicing, which is harming emerging market economies.

“Let us continue to work together in the spirit of solidarity and cooperation to
ensure that the global recovery is inclusive and leaves no country behind.”

Simon Ateba
Simon Ateba
Based in Washington, District of Columbia, United States of America, Simon leads a brilliant team of reporters, freelance journalists, analysts, researchers and contributors from around the world to run TODAY NEWS AFRICA as editor-in-chief. Simon Ateba's journalistic experience spans over 10 years and covers many beats, including business and investment, information technology, politics, diplomacy, human rights, science reporting and much more. Write him: simonateba@todaynewsafrica.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Now

Biden announces foreign policy and national security team, including Blinken as Secretary of State, Mayorkas as Secretary of Homeland Security and Kerry as envoy on climate

U.S. President-elect Joe Biden on Monday announced key members of his foreign policy and national security team, including Antony Blinken as Secretary of State;...

Trump campaign files appeal after Judge called legal claim in Pennsylvania “Frankenstein’s Monster” before dismissing it

President Donald Trump’s legal team on Sunday filed an appeal to a federal judge’s ruling that dismissed his campaign's effort to block the certification...

President-elect Joe Biden’s national security and foreign policy team praised as experienced and historic choices

U.S. President-elect Joe Biden announced key members of his national security and foreign policy team on Monday, including Antony Blinken as Secretary of State;...

Ethiopian forces set to take Tigrayan capital, as many fear mass civilian deaths

The Ethiopian military said late on Friday that government forces were set to take control of Mekelle, the regional capital of Tigray, even as...

Linda Thomas-Greenfield: “America is back. Multilateralism is back. Diplomacy is back.”

Linda Thomas-Greenfield, who has been nominated by President-elect, Joseph R. Biden Jr., to serve as the United States Ambassador to the United Nations, on...

U.S. calls for independent probe into massacres in Tigray region in Ethiopia

The United States government on Thursday called for an independent investigation following massacres in the Tigray region in Ethiopia. The United States said the investigation...

Biden delivers inspiring thanksgiving message to the nation, urges Americans to come together, defeat COVID-19 and dream again

U.S. President-elect Joseph R. Biden Jr. on Wednesday delivered an inspiring thanksgiving message to the nation, urged Americans to come together, defeat COVID-19 and...

Biden to use walking boot for several weeks after sustaining fractures while playing with dog, doctor says

U.S. President-elect Joe Biden sustained a sprain of his right foot while playing with his dog, Major, his doctor said on Sunday. "Initial X-rays are...

Biden to use walking boot for several weeks after sustaining fractures while playing with dog, doctor says

U.S. President-elect Joe Biden sustained a sprain of his right foot while playing with his dog, Major, his doctor said on Sunday. "Initial X-rays are...

Biden appoints Jen Psaki White House Press Secretary, announces other communications positions

President-elect Joe Biden and Vice President-elect Kamala Harris on Sunday announced new members of the White House staff who will serve in senior communications...

President-elect Joe Biden slips while playing with dog, twists ankle

U.S. President-elect Joseph R. Biden Jr. slipped while playing with his dog, Major, on Saturday, and twisted his ankle. The President-elect is being examined at...

Biden expands lead in Wisconsin by 87 votes after Trump spent $3 million for recount

U.S. President-elect Joe Biden on Sunday expanded his lead in Wisconsin after Donald Trump spent $3 million for a recount in two of the...

Joe Biden will need to strengthen ties with Africa, says Navy SEAL admiral McRaven

President-elect Joseph R. Biden Jr. will need to "play the long game" by strengthening ties with the rest of the world, including the continent...

Pennsylvania Supreme Court allows state to complete certification of Biden win

The Supreme Court in Pennsylvania on Saturday allowed the state to complete the certification of its presidential vote won by President-elect Joseph R. Biden...

Biden to use walking boot for several weeks after sustaining fractures while playing with dog, doctor says

U.S. President-elect Joe Biden sustained a sprain of his right foot while playing with his dog, Major, his doctor said on Sunday. "Initial X-rays are reassuring that there is no obvious fracture and he will be getting an additional CT for more detailed imaging," Dr. Kevin O’Connor, Director, Executive Medicine, GW Medical Faculty Associates, said in a statement. After Biden received his additional CT on Sunday evening,...
error: Alert: Content is protected !!
Share
Tweet
WhatsApp
Pin
Share