By Simon Nare
The first G20 foreign ministers’ meeting has expressed great enthusiasm to help low-income and developing countries to repay their debt amid souring costs, South Africa’s G20 sous-sherpa Ambassador Xolisa Mabhongo revealed on Friday.
Addressing journalists alongside International Relations Minister Ronald Lamola, Mabhongo said at the end of the meeting in Johannesburg that G20 members were so eager to review repayments that it was agreed that a panel be established to handle the matter.
He said the G20 family wanted to ensure that the matter of cost to capital becomes one of the success stories of the South African G20 presidency.
“This arises from the reality we are facing today that many developing countries, a large number of them in the African continent are suffering under the heavy burden of debt. A number of African countries are on the verge of going into debt in distress.
“So, the cost of capital among other [things], we will be focusing on the issue of debt primarily to look at what is it that could be done so that we lower the cost of capital,” said Mabhongo
He added that the panel would be led by a former minister, whom he did not name, and comprise of eminent persons from the African continent and elsewhere around the globe.
He said it would receive inputs from the G20 members to help find a solution to the high cost of borrowing, which has been highlighted by African leaders including President Cyril Ramaphosa in his opening address.
Mabhongo said the panel would also closely work with the National Treasury.
Lamola said in his summary report that South Africa noted the requests made by delegations regarding specific information on the operationaliation of the task forces as well as the cost of capital review.
“South Africa undertook to present a four-stage roadmap of this proposed G20 review, including a briefing on the proposed approach and survey methodology, which will involve the participation of G20 members, guest countries and invited stakeholders. The final report will be presented for adoption at the final G20 sherpa meeting taking place from 16-19 November 2025,” he said.
The minister described the two-day meeting as robust in its approach and dismissed suggestions that the US had boycotted the meeting by not sending senior leaders.
Lamola said US representatives took part in discussions and the government was hoping that US Secretary Treasury Scott Bessent would attend the meeting of finance ministers next week in Cape Town.
Lamola also said there was support and recognition that African voices needed to be heard and elevated in the work of the G20 as well as in finding solutions for addressing the world’s most pressing global challenges.
Further he said, the meeting recognised the widening geopolitical divisions which have contributed to fostering a climate of distrust.
Lamola added that this threatened to unravel progress made in addressing pressing global challenges such as poverty, climate change, pandemics, nuclear proliferation and armed conflict.
“(The meeting) expressed support for South Africa’s proposed working methods on managing the geopolitical issues during its G20 presidency namely; that the G20 sherpas, ministers of foreign affairs and the leaders will engage on these matters and that the working groups will exclusively focus on technical issues,” he said.
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