Cape Town, Feb 26 (IANS) South African President Cyril Ramaphosa on Wednesday called on the Group of 20 (G20) members to work together to overcome unprecedented challenges across the world.
In his address at the opening of the first meeting of the G20 Finance Ministers and Central Bank Governors, currently underway from Wednesday to Thursday in Cape Town, the country’s legislative capital, Ramaphosa said that at the time of global uncertainty and escalating tension, it is now more important than ever that the members of the G20 work together.
“The erosion of multilateralism presents a threat to global growth and stability,” he said.
“We know from the experience of past decades that a fair, transparent and inclusive rules-based international order is an essential requirement for economic stability and for sustained growth.”
“At this time of heightened geopolitical contestation, a rules-based order is particularly important as a mechanism for managing disputes and resolving conflict. It is vital to ensure that the rights and interests of the vulnerable are not trampled beneath the ambitions of the powerful,” he added.
According to Ramaphosa, the meeting of G20 Finance Ministers and Central Bank Governors carries a weighty responsibility, Xinhua news agency reported.
“It needs to forge consensus on the actions we must take collectively to build a global economy that is more resilient, more sustainable and more equal,” he said.
Ramaphosa underlined multilateral cooperation as the “only hope of overcoming unprecedented challenges, including slow and uneven growth, rising debt burdens, persistent poverty and inequality, and the existential threat of climate change”.
“We are not moving quickly enough or boldly enough to address these global challenges. We must collectively target a step-change in our efforts to improve the lives of all of our people and to protect future generations,” he said.
The Finance Ministers and Central Bank Governors Meeting was preceded by the second meeting of the Finance and Central Bank Deputies which took place on Monday and Tuesday.
Under the theme “Solidarity, Equality and Sustainability,” South Africa assumed the G20 presidency on December 1, 2024, becoming the first African country to hold the position. The G20 Leaders’ Summit is expected to unfold in Johannesburg, the largest city and economic hub of South Africa, in November 2025.
–IANS
int/jk/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
