Ramaphosa calls for transformation in the global financial architecture

President Cyril Ramaphosa has made a call to transform the global financial architecture.

Ramaphosa also says an urgent action is needed to address the effects of the covid-19 pandemic and climate change.

The President says the poor and the most vulnerable are carrying the brunt of the global challenges such as economic meltdown. He also appealed for equal access to world markets. Ramaphosa is participating in the yearly United Nations General Assembly , in New York. “There is an urgent need to transform the global financial architecture in the face of the growing protectionism. We need fair rules based multilateral global trade system that gives developing economies equal access to world markets. South Africa welcomes the important steps taken to address the impact of the current global economic crisis in low and medium income countries, through the mobilisation of the financial resources.

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