Guantanamo.- South African President Cyril Ramaphosa stressed the importance of strengthening multilateral mechanisms in today’s world.
Speaking at the opening of the first meeting of finance ministers and central bank governors of the Group of 20 (G20) under the pro tempore presidency of South Africa, Ramaphosa stressed how at this time of global uncertainty and growing tensions it is now more important than ever for G20 members to work together. “The erosion of multilateralism poses a threat to global growth and stability, he stressed.

From experience accumulated over the past decades, the president continued, we know that a fair, transparent and inclusive international order based on rules recognized by all is an essential prerequisite for economic stability and sustained growth.

It is also particularly important as a mechanism for managing disputes and resolving conflicts. It is vital to ensure that the rights and interests of the vulnerable are not trampled upon by the ambitions of the powerful, Ramaphosa stressed.

However, he lamented, G20 members “are not moving fast enough or boldly enough” to address global challenges.

We must, he said, collectively aim for radical change in our efforts to improve the lives of all our people and protect future generations.