First meeting of the G20 Finance Ministers and Central Bank Governors - 2nd session: International financial architecture

I want to add our support to South Africa’s priorities for the International Financial Architecture Working Group (IFAWG).

Our international financial architecture needs to adapt to raising challenges. But in doing so we must avoid fragmentation, embrace renovation and infuse a sense of urgency of action.

It means supporting all multilateral development banks to multiply current lending, crowding in private investment and giving them access to special drawing rights. It means bolstering the role of the IMF and special drawing rights at the center of our global financial safety net. And it means reforming the Common Framework – to allow middle income countries, to provide debt standstills, and to ensure private sector participation – while we build a structural and multilateral solution to debt restructuring. .

Collaboration between the G20 and the UN will be essential in ensuring that, in the upcoming 4th International Conference on Financing for Development, we can deliver on this ambition.

I thank you.