President Cyril Ramaphosa highlighted the risks of eroding multilateralism at a G20 meeting in Cape Town, emphasizing its threat to global stability and growth. With key issues under discussion, such as the Ukraine war and climate change, he stressed the importance of cooperation. The meeting also saw discussions on defense spending and the financial burdens faced by developing nations.
During a recent G20 finance meeting in Cape Town, South Africa, President Cyril Ramaphosa underscored the significant threat posed by the erosion of multilateralism to global stability and economic growth. Ramaphosa emphasized the necessity of maintaining a rules-based international order, particularly amidst current geopolitical tensions, stating that it is essential for effectively managing disputes and conflict resolution. The G20, which comprises 19 countries alongside the European and African Unions, is currently grappling with various contentious issues such as the war in Ukraine and climate change, with leaders seeking a unified response to recent policy changes from the United States under President Trump.
As the rotating president of the G20, South Africa has adopted the theme of “Solidarity, Equality, Sustainability” for this year. Ramaphosa articulated that multilateral cooperation is crucial for addressing significant challenges, including sluggish economic growth, rising debt, persistent poverty, inequality, and the pressing issue of climate change. The meeting in Cape Town has drawn attention due to the absence of U.S. Treasury Secretary Scott Bessent, who cited scheduling conflicts, and the recent diplomatic rift highlighted by remarks from U.S. officials regarding perceived anti-American bias in the G20 agenda.
At this meeting, attendees included finance ministers from nations such as Britain, France, and Switzerland, with the UK’s Finance Minister Rachel Reeves asserting that enhancing defense expenditures is vital for economic advancement. She conveyed the sentiment that the world is becoming increasingly perilous and that national security remains the top priority for the British government, forming a fundamental basis for economic growth.
Moreover, President Ramaphosa identified key priorities for South Africa during its G20 presidency, focusing on strengthening the resilience of economically vulnerable countries to cope with natural disasters. He pointed out the growing impact of climate-induced calamities on these nations and advocated for innovative funding mechanisms to aid disaster prevention and recovery efforts.
Additionally, he expressed concern about the escalating debt burdens faced by developing countries, which have seen a spike in sovereign debt levels and servicing costs in recent years. This rising financial strain is encroaching upon vital spending in education, healthcare, and essential infrastructure, essential for economic development. The UN Development Programme has echoed these concerns, stressing the urgent need for systemic reform to address the burdensome debt levels facing the world’s poorest nations.
In conclusion, President Cyril Ramaphosa’s remarks at the G20 finance meeting in Cape Town underscore the critical importance of maintaining multilateralism for global stability and growth. He called for urgent action to bolster support for developing countries in facing climate challenges and rising debt, emphasizing cooperative efforts as the key to overcoming these unprecedented global issues. As the G20 presidency, South Africa aims to prioritize solidarity and sustainability in addressing these challenges.
Original Source: www.france24.com
