President Cyril Ramaphosa is set to take part in a virtual United Nations (UN) High-Level Event on Financing for Development in the era of Covid-19 and beyond.
The president was invited to participate in the talk, hosted by Prime Minister Justin Trudeau of Canada and Prime Minister Andrew Holness of Jamaica on 2 June, by UN secretary-general António Guterres.
According to presidential spokesperson Khusela Diko, the purpose of the event is to formulate a comprehensive global response to provide support to developing countries.
“[It will] ensure that the Covid-19 pandemic does not derail the achievement of the 17 Sustainable Development Goals of the UN’s 2030 Agenda for Sustainable Development,” said Diko.
She added that Canada, Jamaica and the UN are convening the high-level event to allow for the heads of state and government to provide concrete solutions to the Covid-19 development emergency.
Diko added that event will establish effective solutions to six pressing current issues:
- 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).
- 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.
- 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.
- 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.
- Measures to prevent processing and receipt of Illicit Financial Flows (IFFs), assist in repatriating such flows and prosecute perpetrators.
- Ensuring a sustainable and inclusive recovery by aligning recovery policies with Sustainable Development Goals.
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