South African President, Cyril Ramaphosa in his address to the United Nations calls for the necessity to end poverty in Africa and the need to establish a New Global Deal that provides affordable credit. I fully support these goals. I have advocated for the creation of a New Bretton Woods for decades. Without a new international financial architecture that provides long-term low-interest credit to developing nations for infrastructure, African nations will not be able to fulfill their ambition to end poverty.
Address by President of the Republic of South Africa and African Union Chair, President Cyril Ramaphosa at the 75th United Nations General Assembly Debate, September 22, 2020
“When the Secretary-General António Guterres delivered the 18th Nelson Mandela Annual Lecture in July 2020, he called on the nations of the world to forge a New Social Contract and a New Global Deal.
“He said we must create equal opportunities for all, that we must advance a more inclusive and balanced multilateral trading system, that debt architecture must be reformed, and that there should be greater access to affordable credit for developing countries…
“As the African Union we are encouraged by the collaboration of the G20, the IMF, the World Bank and the UN towards finding solutions to debt sustainability in developing countries.
“It is a call we as South Africa wholly endorse.
“This pandemic has highlighted the urgency with which we must strive to meet all the Sustainable Development Goals, but more importantly Goal 1 – to end poverty in all its forms everywhere.
“For until we eradicate global poverty, we will always fall short of realizing the vision of the founders of the United Nations…
“Together, we must raise our level of ambition to ensure that every man, every woman and every child has an equal chance at a better future.
“It is a future free of hunger, disease, insecurity and war.” (emphassis added)
Read full speech: South Africa Pres Ramaphosa Address to the UN
Lawrence Freeman is a Political-Economic Analyst for Africa, who has been involved in the economic development policy of Africa for over 30 years. He is the creator of the blog: lawrencefreemanafricaandtheworld.com