South Africa’s President Cyril Ramaphosa warned that the erosion of multilateralism poses a threat to global stability during the G20 finance meeting. He called for stronger international cooperation to tackle pressing issues like climate change and economic inequality. The meeting also emphasized increased defense spending as necessary for economic growth amidst global tensions.
During a G20 finance meeting in South Africa, President Cyril Ramaphosa expressed concern about the decline of multilateralism and its potential impact on global stability. He emphasized the importance of maintaining a rules-based order to manage international disputes amidst ongoing geopolitical tensions. Ramaphosa noted that collaborative approaches are crucial for tackling significant global issues such as slow economic growth, rising debts, and climate change challenges.
The G20 gathering, comprising key economies including 19 countries and the European Union, addressed divisions on critical topics like Russia’s actions in Ukraine and climate initiatives. Ramaphosa introduced South Africa’s G20 theme of “Solidarity, Equality, Sustainability” while reinforcing the need for multilateral cooperation to confront unprecedented crises. Notably missing from the talks was US Treasury Secretary Scott Bessent, who cited scheduling conflicts after recent anti-American accusations from US officials.
The discussions also highlighted the urgent need for increased defense spending in light of global instability, a stance supported by British Finance Minister Rachel Reeves. As tensions rise internationally, the UK government prioritizes national security as foundational for economic growth. Moreover, South Africa aims to bolster resources for lower-income countries to recover from climate-induced disasters and address their debt burdens.
In addressing the financial challenges facing developing nations, Ramaphosa pointed out the escalating debt service costs which limit funding for essential services and infrastructure. He called for innovative financing solutions to help these economies manage their growing debt levels, drawing attention to recent UN Development Programme reports highlighting rising debt pressures in the poorest countries. Without immediate reforms, these countries risk facing significant barriers to socio-economic development.
The G20 meeting in South Africa underscored the critical role of multilateralism in safeguarding global stability. President Ramaphosa highlighted the pressing need for cooperative approaches to tackle major challenges such as economic disparities, climate change, and national security. As countries navigate these issues, addressing the debt crisis and improving resilience among poorer nations remains vital for sustainable growth and recovery.
Original Source: www.france24.com
