Ramaphosa to participate in Global Financing Pact Summit in Paris

STAFF REPORTER

President Cyril Ramaphosa will attend and participate in the New Global Financing Pact Summit to be held in Paris, France on Thursday.

Held under the theme; “towards more commitments to meet the 2030 agenda?”, the Summit aims to build a new contract between the North and the South, to facilitate access to financing by the vulnerable countries.

Ramaphosa Spokesperson Vincent Magwenya said the Summit builds on previous and ongoing work, which includes the Review of the Capital Adequacy Frameworks of the Multilateral Development Banks (MDBs); The Bridgetown Initiative, the World Bank (WB) Evolution Roadmap; and the Vulnerable 20 (V20) Accra to Marrakech Agenda.

The Summit’s aim is to bring together several agendas: (climate, development, debt) and to propose innovative solutions to address these issues.

This has been unpacked into the following objectives:

1.. Increasing fiscal space and mobilizing liquidity.