Phuti Mosomane
President Cyril Ramaphosa has called for changes to global financial institutions in the new wave of protectionism that are undermining global economic growth and development.
Ramaphosa delivered closing remarks at the Brics Business Council in Sandton on Tuesday and said economic growth must be underpinned by transparency and inclusiveness.
“It must be compatible with a multilateral trading system that supports a developmental agenda.
“We require a fundamental reform of the global financial institutions so that they can be more agile and responsive to the challenges facing developing economies.”
The New Development Bank, established by BRICS countries in 2015, is leading the way, Ramaphosa said.
Since its formation, the Bank has demonstrated its ability to mobilise resources for infrastructure and sustainable development in emerging economies without conditionalities.
BRICS economies have emerged as powerful engines of global growth.
Yet the rapid economic, technological and social changes underway, Ramaphosa said, are
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