President Cyril Ramaphosa warned at the G20 finance meeting that the erosion of multilateralism threatens global stability and growth. He emphasized the need for a rules-based order amid geopolitical tensions and articulated South Africa’s G20 priorities, including resilience against climate-induced disasters and effective debt management for developing countries.
During a G20 finance meeting in Cape Town, President Cyril Ramaphosa emphasized that the deterioration of multilateralism poses a significant risk to global growth and stability. His statement comes amid rising geopolitical tensions and the notable absence of key US officials, which has fueled concerns regarding the effectiveness of global cooperation. Ramaphosa underscored the urgency of adhering to a rules-based international order to manage disputes effectively.
The discussions at the G20 involve finance ministers and central bank governors from major economies, grappling with divergent stances on crucial issues such as the conflict in Ukraine and climate change. Ramaphosa highlighted that international collaboration remains essential in addressing unparalleled challenges like slow economic growth, escalating debt, and the pervasive threat of climate change.
As South Africa presides over the G20 this year, the theme “Solidarity, Equality, Sustainability” guides its agenda. The meeting follows US officials expressing discontent over perceived anti-American sentiments from the host nation. South Africa’s approach is to foster inclusivity while addressing historical injustices, which has drawn criticism from some US lawmakers.
Amidst the discussions, Britain’s Finance Minister Rachel Reeves stated that increasing defense spending is vital for economic prosperity, citing a growing global insecurity. This statement mirrors British Prime Minister Keir Starmer’s commitment to enhancing defense expenditure to bolster national security.
President Ramaphosa outlined South Africa’s primary objectives, focusing on strengthening the resilience of vulnerable nations against climate-induced disasters and achieving innovative financing solutions for poorer countries facing rising debt burdens. He reiterated the need for systemic changes in international borrowing and debt management to alleviate the financial pressures on developing economies.
In conclusion, President Cyril Ramaphosa’s address at the G20 finance meeting highlights the critical threats to global cooperation posed by the decline of multilateralism. The discussions aim to tackle pressing international issues, including economic growth, climate change, and debt management in developing nations. As South Africa leads the G20, it is imperative that collaborative efforts are revived to ensure stability and equitable development across the globe.
Original Source: www.france24.com
