Erosion of Multilateralism Poses Threat to Global Stability, Warns South African Leader
President Cyril Ramaphosa warned of the dangers posed by the erosion of multilateralism to global stability during a G20 finance meeting in South Africa. The meeting, marked by the absence of key U.S. officials, highlighted divisions on significant issues. Ramaphosa emphasized the importance of multilateral cooperation for addressing global challenges, particularly for developing countries facing rising debt and climate change impacts.
President Cyril Ramaphosa emphasized the dangers of the erosion of multilateralism at a G20 finance meeting in South Africa. He highlighted that such a decline threatens global growth and stability, particularly in the current complex geopolitical climate where a rules-based order is vital for conflict management. The G20, comprising 19 nations along with the European Union and African Union, faces divisions over pressing issues including the war in Ukraine and climate change.
Ramaphosa stated, “Multilateral cooperation is our 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.” As South Africa presides over the G20 this year, its focus lies on themes of solidarity and sustainability.
The absence of key U.S. officials, including Treasury Secretary Scott Bessent, highlights tensions within the group, stemming from accusations of an ‘anti-American’ agenda from U.S. politicians. South Africa’s ongoing land reforms have also attracted criticism from Washington.
Attendees included finance ministers from notable countries such as Britain and France. UK Finance Minister Rachel Reeves insisted on the necessity of increased defense spending as a prerequisite for economic growth, stressing the perception of a more dangerous global environment. Prime Minister Keir Starmer has committed to enhancing defense expenditures significantly by 2027.
Ramaphosa addressed South Africa’s priorities for its G20 presidency, which include enhancing resilience against climate-related disasters, advocating for innovative financial solutions to support vulnerable nations. He pointed out that rising debt levels in developing economies hinder essential public services and infrastructure investments. The UN Development Programme called for urgent reforms to alleviate burdensome debt obligations that have severely impacted these countries.
In summary, President Ramaphosa’s address to the G20 finance meeting underscores the critical importance of multilateral cooperation in safeguarding global stability and addressing pressing economic challenges. The current geopolitical landscape, marked by tensions and differing priorities among nations, necessitates a unified approach to tackle issues such as climate change and rising debt burdens in developing economies. South Africa’s presidency aims to prioritize solidarity and innovative financing as mechanisms to enhance resilience against global challenges.
Original Source: www.france24.com
