BRICS+ Series: The link Between the G20, BRICS & The Global South
Image: XINHUA
The G20 (Group of 20) was established in 1999 in the wake of the 1997–1998 Asian financial crisis as an informal platform bringing together Finance Ministers and Central Bank Governors from the world's leading developed and emerging economies to address global economic and financial stability. While its early discussions centred primarily on broad macroeconomic concerns, the G20 has since broadened its scope to cover a wider range of global priorities, including trade, climate action, sustainable development, health, agriculture, energy, environmental protection, and anti-corruption efforts.
BRICS was established in a similar fashion, as quoted by Cole Jackson: 'The BRICS grouping has, to a large extent, grown naturally considering the global climate during its formation and in today's context. BRICS was formed in 2009. Its formation follows the 2007/08 financial crisis, caused by a period of dramatic economic downturn in the United States (US)--due to the housing market collapse and a subprime mortgage crisis–leading to a global recession. Many countries, the world over, bore the brunt of this recession, especially those countries in the Global South already battling economic difficulties.'
The G20 comprises BRICS (Brazil, Russia, India, China, South Africa, Saudi Arabia) and other countries in the Global South (Argentina & Mexico). These presidencies and officials often overlap between countries in the Global South, G20, BRICS (and its associated institutions like the New Development Bank (NDB)). This in essence, means more than a quarter of members are BRICS or Global South affiliated. However, due to the United States (US) & Canada, for example, being part of the G7 they need to collaborate and deliberate with many of these countries having BRICS/Global South agendas to fulfill.
Video Player is loading.
Play Video
Play
Unmute
Current Time
0:00
/
Duration
-:-
Loaded :
0%
Stream Type LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text Color White Black Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Transparent Semi-Transparent Opaque
Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps
Reset
restore all settings to the default values Done
Close Modal Dialog
End of dialog window.
Advertisement
Video Player is loading.
Play Video
Play
Unmute
Current Time
0:00
/
Duration
-:-
Loaded :
0%
Stream Type LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text Color White Black Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Transparent Semi-Transparent Opaque
Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps
Reset
restore all settings to the default values Done
Close Modal Dialog
End of dialog window.
Next
Stay
Close ✕
The intersection: Reforming Global Governance
G20: Includes both developed and emerging economies and increasingly acknowledges the need for reform in global financial institutions (like the IMF and World Bank).
BRICS: Actively pushes for a multipolar world and reform of institutions to reflect the voices of emerging powers and developing nations.
Global South: Wants a fairer system where their voices are heard and interests are not sidelined by traditional Western powers. Promoting Inclusive and Sustainable Development
G20: Advocates for sustainable development, climate finance, and reducing inequality, especially through multilateral cooperation.
BRICS: Prioritises development-led growth, infrastructure financing (e.g., through the New Development Bank), and South-South cooperation.
Global South: Seeks development financing and capacity building on their terms, focusing on health, education, and infrastructure.
South-South Cooperation
G20: While not centered on the Global South, it increasingly includes dialogues on cooperation between developing countries.
BRICS: Champions South-South cooperation as a means to share resources, technology, and strategies among developing nations.
Global South: Sees South-South partnerships as more equitable alternatives to Western aid or conditional loans. Multipolarity and Economic Sovereignty
G20: Includes rising powers like India, China, Brazil, and South Africa, reflecting a shift away from unipolar dominance.
BRICS: Promotes a multipolar world order with diversified centers of power.
Global South: Seeks to reduce dependency on the West and build regional blocs and alternative financial institutions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
TimesLIVE
7 minutes ago
- TimesLIVE
Investors needed to close Africa's $30bn annual water investment gap
Minister of water and sanitation Pemmy Majodina has called on investors to 'put their money where their mouths are' to address Africa's growing water crisis, warning that without urgent action, the continent's economic and social progress will be stifled. Speaking to the SABC outside the Cape Town International Convention Centre on Tuesday, during the opening of the inaugural AU-AIP Water Investment Summit, Majodina said the government could not deliver sustainable water provision alone. 'We want sustainable water provision, hence government cannot do it alone. We need investors. They are going to make pledges here,' she said. 'We've already packaged close to 38 projects in a bankable fund. Put your money where your mouth is, because water is where money is needed.' The three-day summit taking place from August 13 coincides with South Africa's G20 presidency, which is a first for an African nation.
IOL News
an hour ago
- IOL News
G20 Interfaith Forum: Addressing the challenges of global debt infrastructure
The 'Fishbowl Sessions' on debt/governance, moderated by Executive Director of the Network for Religious and Traditional Peacemakers in the United States, Dr Mohamed Elsanousi, saw attendees crowdsource ideas on the issue of debt and global governance at the G20 Interfaith Forum. Image: Theolin Tembo Several core issues, such as food poverty, debt, governance, education and vulnerable communities, dominated the final day of the G20 Interfaith Forum (IF20). The IF20 held an open dialogue on the issues. The forum convenes religious leaders, civil society organisations, government officials, multilateral institutions, and scholars to explore collaborative solutions to pressing global challenges. The IF20 event is intended to reflect and reinforce South Africa's G20 Presidency theme: 'Solidarity, Equality, Sustainability'. The Cape Town event is intended as a catalyst for action, fostering partnerships that transcend borders, beliefs, and sectors. The 'Fishbowl Sessions' on debt/governance, moderated by Executive Director of the Network for Religious and Traditional Peacemakers in the United States, Dr Mohamed Elsanousi, saw attendees crowdsource ideas on the issue of debt and global governance at the G20 Interfaith Forum. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ This session focused on seeking input from participants that highlights priorities, and work to make proposed recommendations more relevant and concrete. Attendees highlighted the impact of historical grievances and colonialisation, sovereign debt and local debt, how interfaith groups are custodians of community wealth and the responsibility owed to uplifting the community, as well as how the global debt infrastructure harms the African continent. The global debt system restructuring echoed a lot of the concerns raised at the African Union Conference on Debt, which took place from May 12-14, 2025. The draft declaration, which was adopted, acknowledged that public debt in Africa has increased significantly over the last decade, resulting in over 25 countries being either at high risk of debt distress or in debt distress, which has created a huge challenge as the rising debt service costs are draining vital public resources needed for development and achievement of the Sustainable Development Goals ('SDGs') and the AU Agenda 2063. The African Union Commission (AUC) intends to call for the reform of the global financial architecture, particularly reforming the G20 Common Framework to ensure that it delivers adequate and timely debt relief necessary for restoring and safeguarding debt sustainability. The 'Fishbowl Sessions' on debt/governance, moderated by Executive Director of the Network for Religious and Traditional Peacemakers in the United States, Dr Mohamed Elsanousi. Image: Theolin Tembo During Thursday's discussion, Elsanousi highlighted how religious communities can come together to ensure funds remain recirculated within their respective community. One speaker highlighted that, 'we are not exempt from using the resources under our auspices to tend to needs we see in our communities'. Executive Director of the Christian Connections for International Health, Doug Fountain, was in attendance at the discussion, pointed out how, in the United States, there is a network of community banks that function in the same way. Elsanousi also pivoted the discussion to include the issue of corruption, noting that while South Africa has, in his view, an impressive GDP, but 'there are still problems', namely the 'impact of corruption on debt'. One of the attendees touched on how African countries 'get addicted to the debt, and finance a lot of corruption through the debt'. Another speaker questioned what debt reform is going to look like, 'we have to think (in a way) that we aren't dependent on that, but not sure how to get there'. Another individual, speaking of South Africa, said: 'We have a society where corruption is endemic… This nation has a serious problem not being addressed, and as long as there is corruption at that level, with municipalities not solvent (I am not sure how to fix that)… The problem then is when you ask to cancel the debt, the question is, where will that money go?' The issue of governance also arose with some speakers mentioning how incompetent people are being put in charge, not just in South Africa, but across the whole continent. They touched on how there is a need for leaders who govern in an ethical way, and have the correct priorities. DA MP, Andrew Bateman, who was in attendance, said that there is still a long way to go in rooting out the corruption and the impact of it, in making sure funds are spent appropriately. He also touched on how the Covid-19 pandemic played a role in the ballooning debt. 'The question is, when we do get a government that is willing to make steps of reform, will there be some kind of globally-backed initiative to make it easier for those countries, if they do meet the necessary criteria, to eradicate the corruption, to deal with mismanagement, to deal with overspending, to use funds responsibly, will that be met by globe initiatives to make it easier for those countries to get out of the situation they find themselves in. 'Right now, we spend as a nation about 22% of the tax revenue that we receive servicing the interest on our national debt - which is only expected to peak at 77% of our GDP this year, which is lower than that of developed countries, but it is not affordable for us, because the risk, and the inflation rate. 'If there were mechanisms that were in place, which state that if you do ABCD, then we will do the following to make it easier for your debt servicing costs to come down, that would make a significant difference.'
IOL News
3 hours ago
- IOL News
BRICS+ Series: The link Between the G20, BRICS & The Global South
This photo taken on July 3, 2025 shows welcome banners for the BRICS Summit on a street in Rio de Janeiro, Brazil. Image: XINHUA The G20 (Group of 20) was established in 1999 in the wake of the 1997–1998 Asian financial crisis as an informal platform bringing together Finance Ministers and Central Bank Governors from the world's leading developed and emerging economies to address global economic and financial stability. While its early discussions centred primarily on broad macroeconomic concerns, the G20 has since broadened its scope to cover a wider range of global priorities, including trade, climate action, sustainable development, health, agriculture, energy, environmental protection, and anti-corruption efforts. BRICS was established in a similar fashion, as quoted by Cole Jackson: 'The BRICS grouping has, to a large extent, grown naturally considering the global climate during its formation and in today's context. BRICS was formed in 2009. Its formation follows the 2007/08 financial crisis, caused by a period of dramatic economic downturn in the United States (US)--due to the housing market collapse and a subprime mortgage crisis–leading to a global recession. Many countries, the world over, bore the brunt of this recession, especially those countries in the Global South already battling economic difficulties.' The G20 comprises BRICS (Brazil, Russia, India, China, South Africa, Saudi Arabia) and other countries in the Global South (Argentina & Mexico). These presidencies and officials often overlap between countries in the Global South, G20, BRICS (and its associated institutions like the New Development Bank (NDB)). This in essence, means more than a quarter of members are BRICS or Global South affiliated. However, due to the United States (US) & Canada, for example, being part of the G7 they need to collaborate and deliberate with many of these countries having BRICS/Global South agendas to fulfill. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The intersection: Reforming Global Governance G20: Includes both developed and emerging economies and increasingly acknowledges the need for reform in global financial institutions (like the IMF and World Bank). BRICS: Actively pushes for a multipolar world and reform of institutions to reflect the voices of emerging powers and developing nations. Global South: Wants a fairer system where their voices are heard and interests are not sidelined by traditional Western powers. Promoting Inclusive and Sustainable Development G20: Advocates for sustainable development, climate finance, and reducing inequality, especially through multilateral cooperation. BRICS: Prioritises development-led growth, infrastructure financing (e.g., through the New Development Bank), and South-South cooperation. Global South: Seeks development financing and capacity building on their terms, focusing on health, education, and infrastructure. South-South Cooperation G20: While not centered on the Global South, it increasingly includes dialogues on cooperation between developing countries. BRICS: Champions South-South cooperation as a means to share resources, technology, and strategies among developing nations. Global South: Sees South-South partnerships as more equitable alternatives to Western aid or conditional loans. Multipolarity and Economic Sovereignty G20: Includes rising powers like India, China, Brazil, and South Africa, reflecting a shift away from unipolar dominance. BRICS: Promotes a multipolar world order with diversified centers of power. Global South: Seeks to reduce dependency on the West and build regional blocs and alternative financial institutions.
