G20 needs cooperation to face world challenges - Cyril

Multilateral cooperation is the only hope of overcoming unprecedented global economic challenges: slow and uneven growth; rising debt burdens, persistent poverty, inequality and the existential threat of climate change, according to President Cyril Ramaphosa.

- Brian Sokutu

Addressing the G20 finance ministers and central bank governors in Cape Town yesterday, Ramaphosa said the gathering should forge consensus on actions to be taken to collectively build a resilient, sustainable and equal global economy.

The meeting is expected to lay the base for some of the world's leading and emerging economies to find common ground on how to spur economic growth and fight high inflation.

Present are several world delegates, including China, Russia and the European Union.

The G20, said Ramaphosa, was founded on the principle of cooperation.

"At this time of global uncertainty and escalating tension, it is now more important than ever that members of the G20 to work together.

"The erosion of multilateralism presents a threat to global growth and stability.

"We know from the experience of past decades that a fair, transparent and inclusive rules-based international order is an essential requirement for economic stability and sustained growth," said Ramaphosa.

One of the greatest impediments to growth, development and stability was the persistence of inequality among countries.