Trevor Manuel to chair G20 Africa panel on debt crisis

The issue is one of South Africa's priorities during the G20 Presidency.

During his tenure as finance minister, Manuel played a pivotal role in stabilising the macro-economy, returning it to growth, and significantly transforming the fiscal system concerning taxation and public spending.

 His tenure was also marked by efforts to reduce South Africa's fiscal deficit and debt.

The initiative was discussed at the G20 finance and central bank deputies meeting in Cape Town, which is part of the G20 Finance Track led by the National Treasury and the South African Reserve Bank.

The panel has been tasked with exploring solutions for African nations grappling with rising debt burdens.

It will also focus on governance, fiscal policy, and economic growth strategies to enhance debt servicing capabilities.

National Treasury Director-General Duncan Pieterse explained that discussions will incorporate African perspectives on global economic reforms, including restructuring multilateral development banks.

 "The participants in our meeting reflected on various issues, including the current state of the global economy, issues relating to debt and how it affects Africa in particular, various perspectives on the reform of the financial architecture were shared and the challenges facing members in affording financing for development and the importance of the Financing for Development Conference that is happening later this year in Spain, which is one of the areas we will discuss,” said Pieterse.

President Cyril Ramaphosa will open the finance ministers and central bank governors meeting on Wednesday.

One of South Africa's G20 priorities includes ensuring debt sustainability for low-income countries, a factor which is considered to be a significant obstacle to inclusive growth in developing economies, especially in Africa.

South Africa also believes that countries rich in minerals, particularly in Africa, should benefit equitably.

Ramaphosa previously said that the country’s G20 presidency will champion the use of critical minerals as a catalyst for growth and development, ensuring that extraction activities contribute to local and national prosperity.

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