G20's Responsibility: Addressing Multilateralism

Johannesburg, Jul 15 (PTI) The G20 members have a responsibility to address the challenges of the multilateral system for ensuring global recovery and advancing inclusive and sustainable development, a senior South African official has said.

Director-General of the National Treasury of South Africa Dr Duncan Pieterse made the comments on Monday while addressing a gathering of senior finance heads of the G20 at the bloc's Finance Track meetings.

“The multilateral system is being tested, and our collective ability to respond will shape the pace of our recovery, but also the prospects for inclusive and sustainable development. As the G20, we have the responsibility to demonstrate leadership," he said.

The meeting, held in the KwaZulu-Natal province, is one of many organised by South Africa, which holds the Presidency of the G20 for this year, in the run-up to the G20 Summit of Heads of State in November.

“We are meeting at a moment of ongoing uncertainty in the global economy. While there are signs of resilience in some areas, various challenges remain: uneven growth trajectories, elevated debt levels, persistent inflationary pressures, and the complex implications of tightening financial conditions,” Pieterse said.

He added that with these challenges, various long-term transitions including digitalisation, climate finance and demographic shifts are reshaping the foundations of global economies.

He reiterated President Cyril Ramaphosa's strong emphasis on strengthening the role of the G20 in delivering concrete solutions.

These solutions are aimed at fostering a more stable, effective and resilient international financial architecture, enhancing debt sustainability, addressing liquidity challenges, as well as strengthening multilateral development banks, and ensuring financing for development.

Pieterse said that the sessions at the three-day meet are expected to lead to discussions which are instrumental in shaping the outcomes of the Finance Track.