Online Reporter
Mukudzei Chingwere in Johannesburg, South Africa
VICE-PRESIDENT Dr Constantino Chiwenga has challenged the world’s most powerful economies to help build a fairer and more inclusive global economic order, warning that developing nations cannot progress under an unequal system marked by restricted market access, unfair trade rules and limited access to affordable development financing.
Addressing world leaders at the G20 Summit in Johannesburg, South Africa, VP Chiwenga said a transparent multilateral trading system and equitable financial reforms were critical to unlocking sustainable global growth and ensuring no country is left behind.
He said the current global economic structure remained vulnerable to shocks and geopolitical tensions because leaders had not built sufficient resilience into international systems.
“The G20 must reinforce a fair and transparent multilateral trading system under the World Trade Organisation,” said VP Chiwenga.
“Equally critical is addressing the major challenge of accessing affordable and sustainable finance.
“We welcome efforts to reform the international financial system.
“The journey to inclusive and sustainable growth demands political will and an unwavering commitment to equitable development.
“Let us reaffirm our collective commitment to building a stronger, fairer, greener and more humane global economy that truly leaves no one behind.”
He said Zimbabwe appreciates the opportunity to engage with the G20 as they collectively chart a trajectory toward inclusive and sustainable economic growth.
VP Chiwenga said over the past few years, economies have faced multiple shocks and geopolitical tensions that have disrupted global supply chains.
He said the shared vision should, therefore, be one of building resilient and innovative economies that deliver prosperity for all.
“The growing debt burden continues to constrain development,” said the VP.
“Many nations are forced to choose between servicing debt and funding essential social services.
“We urgently need a comprehensive and equitable debt resolution approach.
“We encourage innovative solutions such as debt-for-climate and debt-for-development swaps.
“These measures are crucial to restoring debt sustainability while supporting long-term growth and resilience.”
VP Chiwenga also urged the strengthening of the G20 Common Framework for Debt Treatments and said Zimbabwe seeks active participation in an improved process.
“In view of this, Zimbabwe seeks inclusion and active participation in an improved G20 Common Framework for the debt treatment process,” he added.
“We are ready to engage constructively to that end.”
South African President Cyril Ramaphosa, who opened the summit, echoed the call for strengthened multilateralism to confront the threats facing humanity.
“The G20 underscores the value of the relevance of multilateralism,” said President Ramaphosa.
“From its initial focus on broad macroeconomic issues, the G20 is now engaged on matters such as trade, sustainable development, health, education, science and technology, agriculture, energy, environment and climate change, among others.
“As the G20 countries, we understand that progress on each and all of these issues is a necessary condition for strong, sustainable, balanced and inclusive growth.
“Through solidarity, we can create an inclusive future that advances the interests of people around the world who are at the greatest risk of being left behind.”
