Cape Town, Nov 7 (NationPress) - The President of South Africa, Cyril Ramaphosa, has stated that the forthcoming Group of 20 (G20) Leaders' Summit is anticipated to implement tangible changes to the global financial framework while tackling the widening gap of global wealth and income inequality.

During a Q&A session in the National Assembly in Cape Town on Thursday, Ramaphosa emphasized that South Africa's G20 presidency is committed to "cultivating a more stable, effective, and resilient international financial architecture."

One of the key expected outcomes from the summit, slated to occur in Johannesburg later this month, is "a consensus on enhancing multilateral development banks, such as the World Bank, International Monetary Fund, and African Development Bank." He explained that this initiative builds on the groundwork laid by Brazil's G20 presidency to optimize these institutions' effectiveness in aiding nations to achieve their sustainable development objectives, as reported by Xinhua news agency.

"We are looking for the summit to establish a political commitment to tackle debt vulnerabilities in low- and middle-income nations," Ramaphosa noted. "These vulnerabilities hinder their fiscal capacities, their ability to combat poverty and inequality, and their potential to invest in growth and development."

He further mentioned that the Johannesburg Leaders' Declaration is likely to include "a pledge to enhance the implementation of the G20 Common Framework for Debt Treatment in a predictable, timely, and coordinated manner."

The summit will encourage the global community to lend support to vulnerable nations with a robust reform agenda whose debts are sustainable yet facing liquidity challenges.

In addressing inequality, Ramaphosa highlighted that the G20 Extraordinary Committee of Independent Experts on Global Wealth Inequality, chaired by Nobel laureate Joseph Stiglitz, submitted a significant report this week. "The committee provided a thorough analysis of global inequality and recommended specific actions that leaders must take to confront this issue," he stated.

These recommendations include reforming international economic regulations, fair taxation for multinationals and the ultra-wealthy, and setting up "a new international and independent panel to monitor inequality trends and ensure policies are in place to tackle inequality."