President Cyril Ramaphosa cautioned during a G20 finance meeting in South Africa that the erosion of multilateralism threatens global stability and growth. He stressed the importance of a rules-based order in managing geopolitical tensions and outlined South Africa’s priorities, including addressing the challenges of climate change and sovereign debt faced by poorer nations.
In his address at a G20 finance meeting held in Cape Town, President Cyril Ramaphosa emphasized that the decline of multilateralism poses a significant threat to global stability and economic growth. This meeting unfolded against the backdrop of notable absences from key US officials, reflecting heightened geopolitical tensions.
Ramaphosa pointed out that a rules-based international order is crucial for resolving conflicts, especially as the global landscape faces increasing challenges. He stated, “The erosion of multilateralism presents a threat to global growth and stability.”
The G20 group, comprised of 19 nations along with the European Union and African Union, remains divided on critical issues such as the Ukraine conflict and climate change policies. South Africa, as this year’s holder of the G20 presidency, embraces a theme centered on solidarity and sustainability, seeking collaborative solutions to complex global challenges.
In line with this, Ramaphosa reiterated that multilateral cooperation is essential to tackle the urgent issues of slow economic growth, rising debt, poverty, and climate change. He outlined priorities for his presidency, emphasizing the need for resilient strategies to assist vulnerable countries in handling natural disasters that disproportionately impact them.
Further, he highlighted the escalating sovereign debt challenges faced by lower-income nations, which are increasingly hindering public spending on crucial services like education and healthcare. This situation calls for innovative financial mechanisms to alleviate the unsustainable debt burdens experienced by developing economies.
The statements made by President Ramaphosa at the G20 finance meeting underline the paramount importance of maintaining multilateralism to foster global stability and economic resilience. The rising geopolitical tensions, especially between the United States and other member countries, pose challenges that must be addressed collaboratively. As South Africa leads this year’s G20 meetings, there is a strong call for innovative approaches to support the most affected nations facing debt crises and climate disasters. Reaffirming commitment to multilateral cooperation remains an essential factor in overcoming these pressing global issues.
Original Source: www.france24.com
