South Africa's G20 Presidency Aims for Historic Financial Reforms, Ramaphosa Says
South Africa's G20 Presidency Aims for Historic Financial Reforms, Ramaphosa Says
President Cyril Ramaphosa has outlined ambitious goals for the upcoming G20 Leaders' Summit in Johannesburg, set to take place November 20–24, focusing on creating a fairer global financial system to address inequality and support developing nations.
Presiding under the theme "Solidarity, Equality, Sustainability," South Africa expects the summit to yield several key outcomes:
🟠Reforming Global Finance: An agreement to strengthen multilateral development banks like the AfDB, making them "better, bigger, and more effective."
🟠Addressing the Debt Crisis: A political commitment to tackle debt vulnerabilities in low- and middle-income countries in a "predictable, timely, and coordinated manner."
🟠Boosting Representation: Support for enhancing the voice of developing economies in international financial institutions.
🟠Tackling Inequality: Action on the recommendations of the G20's Expert Committee on Global Wealth Inequality, chaired by Nobel laureate Joseph Stiglitz.
A key recommendation from the committee is the creation of an international panel to monitor inequality and evaluate policies, alongside calls for fairer taxation of multinational corporations and the ultra-wealthy, according to Ramaphosa.
"All of these outcomes are intended to address the challenges that hinder economic growth in developing economies and to create conditions for a more equal global economic order," the president stated.
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