Godongwana criticises G20’s slow progress in aiding developing countries

The complaint was registered with the World Bank and the International Monetary Fund during the spring meetings that he attended with a South African delegation last week.

FILE: The minister said the countries, which should have been benefitting from the G20 Common Framework for Debt Treatment, were disproportionately vulnerable to growth shocks. Picture: @TreasuryRSA/Twitter

JOHANNESBURG - The Treasury on Monday said Finance Minister Enoch Godongwana expressed concern about the slow progress of funds allocation to countries responding to economic fragility, conflict and violence as part of the G20 Common Framework for Debt Treatments.

The complaint was registered with the World Bank and the International Monetary Fund during the spring meetings that he attended with a South African delegation last week.

The minister also mobilised support for critical sectors in reviving the country’s economy during the gatherings.

Godongwana followed President Cyril Ramaphosa’s lead in speaking out against what the latter described as an unfair treatment of poorer and developing countries by the West when it comes to financing during his December tour of West Africa.

The minister said the countries, which should have been benefitting from the G20 Common Framework for Debt Treatment, were disproportionately vulnerable to growth shocks.

In the statement released by the Treasury earlier on Monday, he was quoted as saying South Africa was concerned that the tool was not assisting those in need, albeit that it also stated that he welcomed the progress of the CF as announced by the IMF MD.

Last year, Ramaphosa criticised the IMF and other international bodies for their handling of debt financing options for African countries where he described it as injustice.