South Africa's President Cyril Ramaphosa on Tuesday addressed a virtual high-level meeting on Financing the 2030 Agenda for Sustainable Development in the era of COVID-19.

"As we begin the task of reconstruction in the wake of the coronavirus pandemic, financing for development becomes all the more critical," he said.

He added that the overarching principle of Agenda 2030 and the Sustainable Development Goals is that no one is left behind, and that those furthest behind receive full support.

Mr. Ramaphosa said the pandemic has set back the SDG process, and there is need for additional financial resources to enable developing economies to respond effectively not just to the pandemic but to recover and rebuild.

The challenges facing developing economies have been compounded by weak public health systems, limited social safety nets, high levels of inequality, high debt burdens, reduced tax revenues, capital outflows and lack of adequate and sufficient access to financial markets. 

"As agreed by African Finance Ministers on 19 March 2020, Africa needs immediate emergency financing to the tune of US$100 billion, which would provide fiscal space and liquidity to governments. Our view is that the Debt Service Suspension Initiative in its current form does not go far enough," he submitted.

South Africa supports extending the initiative and, in certain instances, considering the cancellation of debt.

"We further welcome the focused attention that is being given to illicit financial flows, which pose a serious threat to the development trajectory and economic stability of many African countries."

The South African head of state also said developed economies must not renege on their commitments to support developing economies in the climate change adaptation and mitigation effort. 

The pandemic has vastly reduced the fiscal space of countries to meet their commitments to support development. 

"But policy options going forward should not replace agreed multilateral outcomes as reflected in, among others, the Addis Ababa Action Agenda on financing for development." He said. "It is our hope that this platform will be used to accelerate the financing of the SDGs by the international community while recognizing the different levels of development of countries." 

He concluded that "Working together, it is within our means to eradicate poverty and inequality, achieve greater economic and social justice and conserve our natural world for future generations."

(With input from S. African Presidency)