UN Secretary-General Advocates for Overhaul of Global Financial Institutions
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Johannesburg, December 12 (NationPress) - The United Nations Secretary-General Antonio Guterres has advocated for a significant overhaul of global financial institutions, urging prompt measures to confront the debt crises that are impacting various countries. Guterres made these statements in Johannesburg during his address at the inaugural G20 Sherpas-Finance and Central Bank Deputies Joint Meeting. "G20 must take the lead in achieving financial justice," he remarked, as reported by Xinhua news agency.
He highlighted that financing is crucial for promoting inclusive economies, enhancing industrialization, tackling food insecurity, and decreasing inequalities. "These institutions must accurately reflect the current economic landscape. Developing economies should have fair representation in their governance. Additionally, these institutions must safeguard economies, particularly the vulnerable ones, from global shocks," Guterres asserted.
The UN chief is set to meet with South African President Cyril Ramaphosa. Guterres reiterated his dedication to collaborating with South Africa throughout its G20 presidency to address critical matters, including climate change, developmental challenges, and the global debt crisis. South Africa took on the G20 presidency on December 1, marking the first time an African nation has led this prominent coalition of major global economies.
In parallel, South Africa’s Minister of International Relations and Cooperation, Ronald Lamola, announced the country's initiative to form a Cost of Capital Commission during its G20 presidency. "This Commission will provide a thorough expert review concerning the factors affecting the cost of capital for developing economies, which could assist in addressing future debt sustainability concerns and related fiscal space issues," Lamola stated. "We aspire that, through our G20 presidency, we can progress towards a world where sustainability, equality, and solidarity lead our efforts in tackling the most urgent challenges facing the globe."
