South Africa, which holds the Presidency of the G20 this year, held a gathering of the bloc’s senior finance heads on Monday to address the challenges of multilateralism in an environment of uncertain financial conditions as the global economy experiences uneven trajectories.
“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," said Dr. Duncan Pieterse, Director-General of the National Treasury of South Africa, at the Finance Track meeting held in the KwaZulu-Natal province.
The G20 members have a responsibility to ensure global recovery and advancing inclusive and sustainable development, he said.
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“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.
Along with the challenges, various other long-term transitions include digitalisation, climate finance, and demographic shifts which are reshaping the foundations of global economies, he added.
He also reiterated President Cyril Ramaphosa’s strong emphasis on strengthening the role of the G20 in delivering concrete solutions to foster a more effective and resilient financial architecture, enhance debt sustainability, address liquidity challenges, and strengthen multilateral development banks.
The sessions at the three-day meet are expected to lead to discussions which are instrumental in shaping the outcomes of the Finance Track in the run-up to the G20 Summit of Heads of State in November.
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