By Lesedi Sibiya-Diplomatic Insider
The Department of International Relations and Cooperation hosted a G20 symposium on Advancing Financial Inclusion for Sustainable Development and Economic Resilience yesterday at The Westin, Cape Town.
In a time where the current global financial architecture is struggling in terms of persistent inequality, there is a pressing need for climate finance integration as well as underrepresentation of Emerging Markets and Developing Economies (EMDEs) in regards to key decision-making processes. This symposium featured keynote speaker Deputy Minister Mr Alvin Botes and a panel of experts in regards to this discussion.
South Africa is using its G20 presidency as a solid platform to champion a transformative agenda of financial inclusion within the framework of the G20. This includes governance reforms for more balanced representation within the IMF as well as the World Bank, such as realignment on certain quotas and board reforms. Enabling businesses and individuals to access capital for investment, innovation and expansion is essential for stimulating economic growth.
“It is evidently a well-timed intervention and dialogue given the fact that the entirety of the world is today burdened by what we categorize as a poly crisis therefore financial inclusion is no more a peripheral aspiration but it is indeed a necessary ambition,” said Deputy Minister Alvin Botes in his opening remarks at the symposium. The World Bank notes that financial inclusion is a catalyst for achieving seven of the 17 Sustainable Development Goals. It has the power to alleviate poverty, fuelling economic empowerment for women as well as mitigating financial shocks for poor and marginalised persons.
“Financial exclusion unfortunately in South Africa as well as in the rest of Sub-Saharan Africa still continues to disproportionately affect women, your rural communities, the informal sector, people with disabilities and the youth,” said Deputy Minister Botes.
In attendance of the symposium alongside Deputy Minister Alvin Botes is, Prof.Tim Murithi Head of Peacebuilding interventions programme at the Institute for Justice and Reconciliation, Kirsten Pearson Climate Finance Researcher (SAIIA), and Sanusha Naidu, Foreign Policy Analyst at the Institute for Global Dialogue.