President Cyril Ramaphosa has urged developed nations to back efforts aimed at reforming the financial system.
During an interview with SABC on the sidelines of the UN General Assembly in New York, President Ramaphosa voices his concerns about institutions such as the IMF and the World Bank, stating that they are not sufficiently addressing the challenges faced by developing countries.
Earlier as keynote speaker at a High-Level Meeting on Financing For Development on the margins of the United Nations General Assembly in New York, President Ramaphosa warned that the failure to act on commitments to support development was deepening the divide between the Global North and South.
He has taken the developed world to task for not meeting development finance commitments to the Global South including on the key principle of common but differentiated responsibilities in the climate adaptions and mitigation space.
Ramaphosa emphasised the crucial need for solidarity, urging developed nations to fulfill their agreed commitments, which include capacitating the annual $100 billion Green Climate Fund to support adaptation and mitigation efforts in developing countries.
