To close the Sustainable Development Goals financing gap, President Cyril Ramaphosa said the United Nations General Assembly needs faster, fairer and more comprehensive debt relief and restructuring.

He noted the need for an estimated $4-trillion annually to close the financing gap.

Ramaphosa was participating in the inaugural Biennial Summit for a Sustainable, Inclusive and Resilient Global Economy, convened and chaired by UN Secretary General António Guterres.

He said a succession of crises had exposed the fragility of interconnected economies and revealed deep inequities in the capacity to respond.

“While some nations are able to mobilise trillions to shield their citizens and economies from pandemics and other emergencies, others are left constrained by debt and denied fair access to global capital,” he explained.

He urged the need to mobilise affordable, accessible financing from a wide range of sources, calling for strengthened coordination by the UN.

“We must strengthen coordination between the UN, the African Union, the G20, international financial institutions and other global financial actors, embedding inclusivity at the heart of global economic governance,” he said.

He noted that beyond financial instruments, there was a need for commitments that would be honoured and global rules that would be shaped by all members, not just a few.

He also called for reforming of global tax rules to curb illicit financial flows

Ramaphosa urged the rechannelling of unused Special Drawing Rights to countries in need, and to scale up concessional finance through development banks.

“Let us forge a new compact for financing sustainable development rooted in solidarity, equity and mutual accountability. South Africa stands ready to ensure this Summit becomes a turning point in our collective effort to build a sustainable, inclusive and resilient global economy,” he highlighted.