By Lehlohonolo Lehana.
The International Relations Minister Ronald Lamola announced a commission will be established at the G20 under South Africa’s presidency to fast-track disaster relief and response, debt sustainability for low-income countries, financing of just energy transition and harnessing critical minerals for inclusive growth.
South Africa is hosting the Sherpas, Finance and Central Bank Deputies’ meetings at Investec in Sandton, Johannesburg, from 09 – 12 December 2024.
The meetings take place under the theme: “Solidarity, Equality and Sustainability”.
The Sherpa Track is led by the personal representatives of G20 leaders, and oversees negotiations and discusses the points that form the summit’s agenda, and coordinates most of the work.
On 1 December 2024, South Africa assumed the Presidency of the G20 group of countries, which comprises many of the world’s largest developing and developed economies.
The G20, which includes the world’s largest economies such as China, India, France, Germany, and the United States, previously counted South Africa as the only African member. However, in 2023, this changed with the inclusion of the African Union, broadening the representation of the continent in global economic discussions.
The grouping therefore plays a critical role in influencing global policy making and fostering global economic stability.
“The three Task Forces, the Initiative and Commission, will be established to deliver tangible results at the South Africa G20 Presidency. All of the priorities, as well as the overall theme, will influence Working Groups’ priorities and work plans.”
“A review of the work of the G20, ‘The G20 at 20 years: A Reflection on Key Achievements and the Way Forward’, will also feature as one of South Africa’s deliverables through a Sherpa Track Initiative. South Africa also proposes the establishment of a Cost of Capital Commission during its G20 Presidency.
This cost-of-capital commission seeks to deliver a review affecting high debt levels among countries within the global south, including SA and the African continent, and the cost of servicing the debt amid fiscal space challenges.
“The multilateral institutions with economic and developmental mandates must be strengthened, as the need for their intervention is even much bigger now. We all know that many countries, especially the developing world, are still recovering from the economic shock of COVID-19.
“Poverty and weak economic growth remain a challenge for many countries, especially in Africa and the developing world; thus, the themes of our temporary Task Forces focus on these matters,” Lamola said.
According to studies from the International Monetary Fund, trade has been a major contributor to global growth over the past decades, helping to promote economic development, increase economic opportunity and lift millions out of poverty.
“It is for this reason that South Africa supports international cooperation and multilateralism. We also know of the benefit this would bring us, as we seek to grow our economy and support the development of the African continent.
“As the premier forum for international economic cooperation, South Africa seeks to amplify the continued value of the G20 as a forum of the world’s largest developing and developed economies; a forum that provides leadership and momentum towards greater global economic growth and sustainable development; a forum whose work serves to complement and foster the broader processes of the various multilateral spheres, “Lamola said.
He said the global community must remain committed to multilateralism and upholding international law and ensure that the United Nations (UN) remains the centrepiece of this multilateralism.
“Its central role in the international system ensures that sovereign States cooperate to maintain international peace and security, advance sustainable development, and ensure the promotion and protection of democracy, human rights, and fundamental freedoms for all.
“Whereas G20 leaders set the agenda for our partnership, we rely on the immense efforts of our Sherpas to translate these commitments into practical cooperation,” the Minister said.
Watch Live in the video below:
Video Courtesy of GCIS.