https://en.sputniknews.africa/20241209/south-africa-to-push-for-better-credit-terms-for-africa-during-its-g20-presidency-1069625796.html

South Africa to Push for Better Credit Terms for Africa During Its G20 Presidency

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Pretoria assumed the G20 presidency from Brazil on December 1. The ongoing Sherpas' two-day meeting aims to establish the G20's agenda for the next year, Zane... 09.12.2024, Sputnik Africa

2024-12-09T17:52+0100

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South Africa, holding the G20 presidency, is prioritizing the reduction of developing nations' debt burdens, particularly in Africa. International Relations and Cooperation Minister Ronald Lamola highlighted the significantly higher cost of capital for African countries compared to industrialized nations. He emphasized the need for revolutionary solutions to lower interest rates on loans, arguing that Africa shouldn't face higher rates than developed countries for comparable loans.This focus was a key topic during the G20 Sherpas' meeting in Johannesburg, which began December 9. A meeting participant told Russian media that securing low-interest loans for African countries to develop rare earth metal and energy transition technology projects is a primary objective.

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South Africa to Push for Better Credit Terms for Africa During Its G20 Presidency

17:52 09.12.2024

© Getty Images / Buda MendesMinister of International Relations and Cooperation of South Africa Ronald Ozzy Lamola speaks during the closing ceremony of the G20 Social Summit at Pier Mauá on November 16, 2024 in Rio de Janeiro, Brazil.

Minister of International Relations and Cooperation of South Africa Ronald Ozzy Lamola speaks during the closing ceremony of the G20 Social Summit at Pier Mauá on November 16, 2024 in Rio de Janeiro, Brazil. - Sputnik Africa, 1920, 09.12.2024

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Pretoria assumed the G20 presidency from Brazil on December 1. The ongoing Sherpas' two-day meeting aims to establish the G20's agenda for the next year, Zane Dangor, Director-General of the South African Foreign Ministry and South Africa's G20 Sherpa, said.

He emphasized the need for revolutionary solutions to lower interest rates on loans, arguing that Africa shouldn't face higher rates than developed countries for comparable loans.

"We all know that many countries, especially the developing world, are still recovering from the economic shock of COVID-19. Poverty and weak economic growth remain a challenge for many countries, especially in Africa and the developing world," the minister said.

South African Minister of International Relations and Cooperation Ronald Lamola at the opening of the first Sherpa meeting of South Africa's G20 Presidency. - Sputnik Africa, 1920, 09.12.2024

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G20 Must Contribute to Efforts to Tackle Global Geopolitical Crisis: South African FM

9 December, 12:20

This focus was a key topic during the G20 Sherpas' meeting in Johannesburg, which began December 9. A meeting participant told Russian media that securing low-interest loans for African countries to develop rare earth metal and energy transition technology projects is a primary objective.