At a G20 meeting, South African President Cyril Ramaphosa warned that the decline of multilateralism poses significant threats to global growth and stability. He highlighted the necessity for collective cooperation to address urgent issues including climate change, economic inequality, and rising sovereign debt in developing countries. The meeting’s context reflects broader geopolitical tensions and differing national agendas, particularly involving the United States.
President Cyril Ramaphosa of South Africa expressed concerns regarding the decline of multilateralism at a G20 finance meeting, indicating that it poses risks to global growth and stability. He emphasized the necessity of a rules-based order for managing conflicts amid current geopolitical tensions, noting the importance of cooperation among nations to tackle significant challenges such as climate change, poverty, and economic inequality.
The G20 assembly, comprised of 19 nations along with the European and African Unions, is grappling with divergent views on pivotal matters including the conflict in Ukraine and climate responses, exacerbated by recent policy changes under President Donald Trump. South Africa, which holds the G20 presidency this year, has adopted a theme of “Solidarity, Equality, Sustainability” in its endeavors.
During the meeting, UK Secretary of State for Finance, Rachel Reeves, remarked on the urgent need to enhance defense spending as part of national economic growth strategies, declaring that national security remains paramount. Meanwhile, Ramaphosa highlighted South Africa’s goals to fortify resilience in poorer nations against natural disasters and to alleviate the burden of rising sovereign debt among low- and middle-income countries.
The UN Development Programme revealed that debt servicing costs for the poorest nations have surged alarmingly, with excessive interest payments consuming over 10 percent of government revenues in 56 developing nations, necessitating immediate reforms in borrowing systems. This situation underscores the critical condition of developing economies as they navigate both financial obligations and pressing social needs, such as education and healthcare.
The statements made by President Ramaphosa at the G20 finance meeting convey the urgency of reinforcing multilateral ties to promote global stability and economic resilience. The deleterious effects of rising debt and various social inequalities are pivotal issues that merit international cooperation. Moreover, the emphasis on addressing climate-related challenges amplifies the need for collective, innovative solutions. Ultimately, a unified approach is essential to confront the complexities facing our world today, as voiced by leaders addressing both security and economic stability.
Original Source: www.france24.com
