President Zuma concludes G20 Summit in Los Cabos
19 Jun 2012President Jacob Zuma has concluded the G20 Summit satisfied that some progress was made. However, there still is a long way to go before the development goals pursued by Africa are met.
During this Summit, international economic cooperation to support stability and growth was strengthened. Leaders engaged effectively with each other.
G20 countries agreed to the Los Cabos Action Plan. Each country is obliged to undertake different actions which together are intended to stabilise the global economy and support stronger growth.
“We have also agreed to an accountability system which will help us ensure that we meet our commitments. Overall, we agreed that we should put more emphasis on growth. Fiscal consolidation should not be done too quickly. As leaders, we committed our resources to support the International Monetary Fund (IMF) in its effort to avoid further global instability. This gave an important signal to the rest of the world," said President Zuma.
The President added: “We have given support to our development agenda, more support for infrastructure investment in Africa, new strategies for agricultural development, support to strengthen taxation developing countries and new tools for inclusive green growth. More work is needed still to reform international financial institutions such as the IMF and the World Bank so that they can become more responsive to the needs of the developing world. More work must be done as well to mainstream the development agenda within the G20".
President Zuma has left Los Cabos in Mexico for Rio de Janeiro to attend the Rio+20 conference on sustainable development.
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Issued by: The Presidency
19 Jun 2012
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