Ramaphosa Calls for Reforms in Global Financial Architecture at UNGA
Viable News Team 
Image Credit:The Presidency of the Republic of South Africa/ YouTube
New York – President Cyril Ramaphosa has urged multilateral institutions to implement meaningful reforms to address the structural challenges currently weighing down the global economy.
Speaking at the Foreign Ministers’ meeting on the sidelines of the 80th Session of the United Nations General Assembly (UNGA) in New York on Thursday, the President highlighted the urgent need to restructure the international financial order.
Global Challenges
Ramaphosa noted that while the global economy has shown some resilience, it remains under pressure from:
- Low growth rates
- High levels of debt
- Tightened financing conditions
- Constrained fiscal space
“These challenges require decisive action and reforms that put development at the centre of the global agenda,” he said.
Key Proposals
The President outlined four priority interventions:
- Increased grant and concessional financing for developing economies.
- Enhanced multilateral coordination on debt relief and restructuring.
- Greater participation from the private sector to bolster financial flows.
- Equal decision-making power for all nations in shaping the global economic order.
Ramaphosa stressed that without these reforms, many nations in the Global South risk being locked in cycles of poverty and underdevelopment.
“We must work towards an inclusive, fair and representative global economic system that responds to the realities of today and the aspirations of tomorrow,” he concluded.
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