President Cyril Ramaphosa has called on multilateral institutions to develop meaningful reforms that will address the challenges facing the global economy.
“While the global economy has shown some resilience, we must acknowledge pressing issues of low growth, high debt, tightened financing conditions and constrained fiscal space. To respond to these issues, we need meaningful reforms of international financial architecture,” the President said on Thursday.
This as he proposed an increase in grant and concessional financing, enhanced multilateral coordination on debt, drawing in the private sector and ensuring equal participation in decision-making on the international economic order.
He was addressing the Foreign Ministers’ meeting that took place alongside the 80th Session of the United Nations General Assembly (UNGA) in New York.
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WATCH | President Ramaphosa addresses the Foreign Ministers’ meeting
The President welcomed world leaders adopting Seville Commitment, which details the blueprint to address the sustainable development financing gap and solutions to reshape the global financial system.
“As part of our Group Twenty (G20) Presidency priorities, we advocate actions to support low-income and developing economies through debt sustainability and reducing capital costs.
“We have appointed an African Panel of Experts to work on recommendations addressing impediments to growth and development in Africa, including the cost of capital,” he explained.
South Africa recently launched the G20 Extraordinary Committee of Independent Experts on Global Wealth Inequality to develop the first-ever official G20 paper on global inequality.
“The international community today confronts many challenges. The promise of sustainable development is getting further from our reach.
“More than 85 percent of the Sustainable Development Goals are currently off track, with setbacks particularly acute in fighting hunger, extreme poverty and rising inequality,” the President said.
In addition, the climate crisis is deepening the problem.
“Extreme weather events are inflicting severe losses, particularly across Africa and other climate-vulnerable regions.
“War and conflict are causing massive loss of life, displacing millions and creating humanitarian catastrophes,” Ramaphosa said.
He pointed out that these crises test societal resilience and expose structural injustices, gradually eroding trust in multilateralism.
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“The world looks to the G20, as the premier forum for international economic cooperation, to provide leadership in addressing these urgent challenges.
“South Africa has placed Solidarity, Equality and Sustainability at the centre of our G20 Presidency. This is driven by our conviction that global challenges can only be resolved through cooperation, collaboration and partnership,” he said.
