Debt, climate change and collaboration dominate opening of G20 foreign ministers’ meeting  

By Simon Nare

President Cyril Ramaphosa has appealed to the G20, which comprises some of the world’s largest economies, to help low-income and developing countries sustain their debt as borrowing costs continue to sour.

Addressing the opening of the G20 foreign ministers’ meeting in Johannesburg on Thursday, Ramaphosa said developing countries were currently experiencing the highest borrowing costs in nearly two decades.

As a result, debt payments were crowding out vital domestic expenditure and diverting critical resources away from development.

The president’s appeal comes a day after the National Assembly postponed the tabling of the 2025 Budget because of disagreements in the Government of National Unity over the hike of VAT by two percentage points.

South Africa is heavily in debt and spends a massive R106 billion a day servicing debt and this is expected to rise in the coming years. The country’s debt is expected to increase to R5.5