Guterres calls for global financial institutions to be reformed
South Africa assumed the G20 Presidency earlier this month – making it the first African nation to chair the bloc of developed and developing economies.
UN Secretary-General Antonio Guterres. Picture: AFP
JOHANNESBURG - United Nations Secretary-General Antonio Guterres has again called for global financial institutions to be reformed as the world grapples with renewed challenges.
Guterres made the call during a brief stop in Sandton on Wednesday, where he addressed G20 delegates before a courtesy call with International Relations Minister Ronald Lamola in Pretoria on Wednesday afternoon.
South Africa assumed the G20 Presidency earlier this month – making it the first African nation to chair the bloc of developed and developing economies.
Inclusive economic growth, the debt crisis in emerging markets, geopolitical tensions and climate change are among high-brow issues expected to take centre stage.
Guterres says the COVID-19 pandemic laid bare inefficiencies in some of the global financial institutions – including failures to safeguard vulnerable economies.
“It is time to mend and strengthen the global safety net that during COVID-19 we detected that it is no longer entirely fit for purpose."
He says there is an added need now to mobilise finance at scale to close the gaps.
“This means substantially increasing the capital and lending capacity of multilateral development banks, making them bigger and bolder.”