JOHANNESBURG:
In order to ensure a stable global recovery and promote inclusive development, a senior South African official has urged the G20 to assume greater responsibility in tackling the multilateral system's mounting problems.
Dr Duncan Pieterse, Director-General of South Africa’s National Treasury, made the remarks on Monday while speaking at the G20 Finance Track meetings. The gathering brought together senior finance officials from G20 countries to discuss key economic and financial priorities in an increasingly volatile global environment.
Highlighting the strain on multilateral cooperation, Dr Pieterse warned that the effectiveness of the global system was under pressure and that coordinated action was urgently needed. “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,” he said.
He added that the G20 bloc, which represents the world’s major economies, has a duty to set the tone for global cooperation. “As the G20, we have the responsibility to demonstrate leadership,” Dr Pieterse stressed, underscoring the group’s strategic position in steering the direction of global financial governance and policy coordination.
The comments come at a time when many global institutions are struggling to adapt to emerging challenges such as climate change, unequal recovery from the COVID-19 pandemic, rising geopolitical tensions, and mounting debt burdens in developing economies. Dr Pieterse emphasised that without a credible and effective multilateral framework, these problems could deepen, with long-term consequences for global stability and growth.
As part of the larger G20 discussion, the Finance Track meetings give central bank governors and finance ministers a forum to discuss global financial reforms, policy frameworks, and macroeconomic risks. Digital transformation, climate finance, and sustainable debt management have been the main topics of this year's sessions.
As a member of both the G20 and the BRICS, South Africa has continuously pushed for changes to the global financial system that would better represent the interests and opinions of developing countries. This position is reiterated by Dr. Pieterse's comments, which call for more fair participation and action-oriented discussion within the G20 framework.
As the discussions go on, officials are anticipated to draft a single statement outlining measures to strengthen global economic resilience and restating the G20's commitment to multilateralism. The results of these discussions will be taken into consideration at the G20 Leaders' Summit later this year.
