PRESIDENT Cyril Ramaphosa left for Paris, France, on Sunday night to participate in the Summit on the Financing of African Economies, according to a statement by the Presidency.
At the invitation of President Emmanuel Macron of the French Republic, Ramaphosa will join several African heads of state and government as well as leaders of global financing institutions at the Grand Palais Ephémère on Tuesday.
Minister of International Relations and Cooperation Dr Naledi Pandor and the Acting Minister in the Presidency Khumbudzo Ntshavheni will accompany the president.
According to the Presidency, the purpose of the Summit is to support the economic recovery of African countries that have been affected by the health and economic crisis caused by the COVID-19 pandemic.
It also aims to foster investments in Africa and avert the risk of excessive debt.
Delegates will deliberate on debt relief and support from the International Monetary Fund (IMF) through special drawing rights (SDRs).
Leaders will also look at how to provide capital to the private sector on the African continent to support investments that will catalyse inclusive economic activity, create employment and accelerate the attainment of Sustainable Development Goals.
The Summit on the Financing of African Economies follows a series of global stimulus packages initiatives, including the World Bank’s $14 billion fast-tracking of COVID-19 financing, the African Development Bank’s $10 billion COVID-19 Response Facility and the International Monetary Fund’s concessional financing and debt relief to assist countries and companies in their response to the pandemic.
Ahead of the Summit on the evening of Monday, Ramaphosa will attend the Welcome Dinner in Honour of African Heads of State and Government hosted by President Macron.
He will also hold bilateral meetings with participating leaders to enhance South Africa’s diplomatic relations.
European leaders, representatives of G7 and G20 countries and of international institutions such as the IMF, World Bank, Economic Cooperation and Development (OECD) are among Summit delegates.
- Inside Politics
