Ramaphosa Urges Action to Tackle Debt Crisis
(MENAFN) South African President Cyril Ramaphosa has emphasized the urgent need for worldwide and cooperative efforts to confront the escalating debt crisis that is debilitating numerous developing nations, particularly across Africa.
In his weekly message addressed to the public, Ramaphosa stressed the importance of sustainable and cost-effective financing solutions to realize the United Nations Sustainable Development Goals (SDGs) by the year 2030.
Reflecting on the outcomes of the 4th Financing for Development Conference held in Sevilla, Spain, Ramaphosa remarked that the global community is grappling with “more daunting challenges than at any other time,” which include the climate emergency, widespread poverty, and economic volatility.
He also underscored the significant shortfall in funding faced globally: “It is estimated that the world needs an extra $4 trillion a year to meet the UN Sustainable Development Goals by 2030, a gap which can only be closed through more affordable, long-term sustainable financing.”
Drawing focus to the intensifying burden of debt repayments, he pointed out that “Around 3.4 billion people now live in countries that are spending more on interest payments to creditors than on health and education.”
Citing the Jubilee Commission, established by the late Pope Francis, Ramaphosa stated: ”While few countries have defaulted on their debt, they are defaulting on their people, their environment, and their future.”
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