South African President Urges G20 Unity in Addressing Global Issues
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Synopsis
South African President Cyril Ramaphosa has called on G20 nations to unite in facing unprecedented global challenges, emphasizing the importance of multilateral cooperation for economic stability and addressing issues such as inequality and climate change.
Key Takeaways
- Ramaphosa urges G20 unity against global challenges.
- Multilateralism is crucial for economic stability.
- A rules-based international order is essential.
- Focus on resilience, sustainability, and equality.
- G20 presidency marks a historic moment for Africa.
Cape Town, Feb 26 (NationPress) On Wednesday, South African President Cyril Ramaphosa urged members of the Group of 20 (G20) to unite in tackling extraordinary global challenges.
During his speech at the inaugural meeting of the G20 Finance Ministers and Central Bank Governors, taking place from Wednesday to Thursday in Cape Town, Ramaphosa emphasized that in times of global uncertainty and rising tensions, it is crucial for G20 members to collaborate.
"The decline of multilateralism poses a significant threat to global growth and stability," he remarked.
"Our experiences over the past decades demonstrate that a fair, transparent, and inclusive rules-based international order is vital for economic stability and sustainable growth," he added.
"In this era of intensified geopolitical rivalry, a rules-based order is essential for managing disputes and resolving conflicts. It is imperative to safeguard the rights and interests of the vulnerable against the ambitions of the powerful," he stated.
According to Ramaphosa, the gathering of G20 Finance Ministers and Central Bank Governors bears significant responsibilities, as reported by Xinhua news agency.
"We must reach a consensus on collective actions to establish a global economy that is more resilient, sustainable, and equitable," he emphasized.
Ramaphosa highlighted the necessity of multilateral cooperation as the "only hope" for overcoming extraordinary challenges, which include slow and uneven growth, increasing debt burdens, ongoing poverty and inequality, along with the pressing threat of climate change.
"We are not progressing swiftly or boldly enough to confront these global challenges. We must collectively strive for a significant transformation in our endeavors to enhance the lives of all our citizens and to safeguard future generations," he declared.
The Finance Ministers and Central Bank Governors Meeting followed the second session of the Finance and Central Bank Deputies, which occurred on Monday and Tuesday.
With the theme "Solidarity, Equality, and Sustainability," South Africa took over the G20 presidency on December 1, 2024, becoming the inaugural African nation to assume this role. The G20 Leaders' Summit is anticipated to take place in Johannesburg, South Africa’s largest city and economic center, in November 2025.
