G20's ability to respond to multilateral tests 'critical'
This is according to National Treasury Director-General, Dr Duncan Pieterse, who delivered remarks at the opening session of the G20 Finance Track meetings being held in KwaZulu-Natal this week.
'The multilateral system is being tested, and our collective ability to respond, will shape the pace of our recovery, but also the prospects for inclusive and sustainable development.
'As the G20, we have the responsibility to demonstrate leadership, and our Presidency places a very strong emphasis on strengthening the role of the G20 in delivering concrete solutions, fostering a more stable and effective and resilient international financial architecture, enhancing debt sustainability, addressing liquidity challenges, as well as strengthening multilateral development banks, and ensuring financing for development,' Pieterse said.
He added that the meetings take place at a time of heightened global economic uncertainty.
'While there are signs of resilience in some areas, various challenges remain: uneven growth trajectories, elevated debt levels, persistent inflationary pressures, and the complex implications of tightening financial conditions.
'At the same time, various long-term transitions including digitalisation, climate finance and demographic shifts are reshaping the foundations of our economies,' the DG noted.
Pieterse explained that this week, sessions have been dedicated in line with 'our commitment to deepen policy dialogue at the Deputies level'.
'These discussions are instrumental in shaping the outcomes of the Finance Track, and reaffirming our commitment as the Presidency to Solidarity, Equality, Sustainability,' he said.
On Monday, the sessions kicked off with an update from the Council of Europe Development Bank on its monitoring and reporting framework.
'[This framework] is a critical tool for tackling the implementation of the G20 MDB roadmap as it enables MDBs to assess how they are working better as a system, enhancing their effectiveness and maximising developmental impact.
'This will be followed by a pandemic response financing simulation exercise that will be facilitated by the World Bank and the objective of this exercise is to simulate a coordinated pandemic response financing scenario, enabling participants to explore practical mechanisms for mobilising and deploying resources rapidly and effectively during a global health emergency,' he said.
On Tuesday, the International Monetary Fund and the World Bank will give updates on the global sovereign debt roundtable.
'This discussion is geared towards promoting information exchange between the GSDR and the G20 to enhance the effectiveness of both platforms while respecting the distinct roles.
'Significant progress has been made on the GSDR work, including the publication of the GSDR playbook on sovereign debt restructurings during the Spring Meetings in April, and another important milestone that was achieved was the publication of a G20 note on the steps of debt restructuring under the common framework,' Pieterse explained.
On the same day, the Chairperson of the Africa Expert Panel, led by former Minister of Finance for South Africa, Trevor Manuel, will give an update on the work of the panel.
'[This] section will provide Deputies with an overview of the work of the Panel, which…aims to advance Africa's collective development interest within the G20 Finance Track. We will be getting an update from Minister Manuel on this so that we can ensure that we align African priorities with the global economic reform efforts that we are discussing in the G20,' he said.
Over the next two days, the delegates will have sessions dedicated to the drafting of a communique.
'We really want to thank the G20 members for very constructive inputs and engagements thus far, which started last week virtually, and we believe that those engagements have set a very strong foundation for our discussions over the next two days.
'We are very pleased with the collaborative spirit shown during the virtual discussions, and we believe that we are able to achieve agreement in most of the areas which will enable us to provide the Finance Ministers and Central Bank Governors with an opportunity to achieve the first Communique under South Africa's Presidency,' Pieterse concluded.
Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1
Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
4 hours ago
- IOL News
Solidarity CEO urges FlySafair to prioritise pilots' wellbeing in strike standoff
Solidarity's CEO Dr Dirk Hermann urges FlySafair to prioritise people over profits, warning that pilot frustration, driven by poor work-life balance and mistrust, could ground the airline's future in a globally competitive market. Image: Supplied Solidarity union Chief Executive Officer Dr Dirk Hermann has called on FlySafair CEO Elmar Conradie to intervene directly in the airline's ongoing pilot strike, warning that the dispute has exposed a deep crisis of trust between the airline and its highly skilled workforce. In an open letter released on Sunday, July, 27, 2025, Hermann addressed Conradie directly, noting that while neither of them is personally involved in the negotiations, the matter has reached a critical point that requires leadership. 'This open letter deliberately does not form part of the negotiations but is a note between the two of us,' he wrote. Hermann highlighted that more than 90% of Solidarity's pilot members voted to continue the strike even after a new offer from FlySafair, an unprecedented move for a professional group that rarely resorts to industrial action. 'Solidarity members only go on strike as a matter of the highest exception... This case is, however, such a highly exceptional one,' he said. He pointed to a 'complete breakdown of trust' between the airline and its pilots and describes their levels of disillusionment as 'toxic.' Drawing on his academic expertise, Hermann added: 'I did my PhD in Labour Relations, and my topic was alienation. I can tell you that the alienation levels of your pilots are toxic.' A core concern is not just remuneration, but the implementation of a new roster system that significantly impacts work-life balance. Pilots, according to Hermann, are not primarily striking over money but over the loss of meaningful, balanced working conditions. ' They are asking for one weekend off a month,' he explains. 'They are looking for balanced jobs and FlySafair has taken that away from them.' Hermann criticised FlySafair's handling of the strike, especially the decision to respond to a one-day action with a full week-long lockout, now extended. 'They wanted to show what is going on in their hearts, but then they got hit in the pocket. They have been threatened and bullied,' he said. He warned that the airline risks an exodus of pilots to international carriers. While FlySafair achieved record profits in 2024 and reportedly paid out R90 million in shares to executives and R1.31 billion to overseas shareholders, many pilots' salaries remain below pre-COVID levels. Hermann argues that the airline's offer has not kept pace with local and global industry standards, especially given the global shortage of pilots. ' There is a pilot shortage, and it is going to get even worse. This shortage is going to rise above inflation, and so too will their salaries. It is a market reality,' he writes. 'My call to you is to intervene in the negotiations. Don't look at the sums, but at the people. Be internationally competitive with a total remuneration package that surpasses salary. If you don't, it will translate into sums, sums you will not like.' 'You must now land this plane that is on strike. Give the pilots what they are asking for and what is good for them, the company and the country,'' he said. Get your news on the go, click here to join the IOL News WhatsApp channel. IOL News
IOL News
9 hours ago
- IOL News
BRICS and G20 poised to reshape geopolitical landscape
President Cyril Ramaphosa addressing the G20 High Level Opening Session on the margins of the 79th Session of the General Assembly in New York. South Africa assumed the G20 Presidency this year under the theme 'Solidarity, Equality and Sustainable Development'. Image: Kopano Tlape| GCIS Ashraf Patel In 2025, the scale, scope, and velocity of Trumpism are so disruptive that new forms of partnerships are evolving in ensuring the global governance consensus and saving UN Multilateralism. The Global South nations, especially G77, desperately need multilateralism to function and for fair WTO and WHO to work in order to broaden the benefits of trade, financial reforms and any hope for the UN SDGs. The BRICS Rio communique in July is significant. The 130-point plus final declaration, not only thoroughly detailing every major issue, with calculated moderation, but resolutely setting a trademark BRICS tone – and a clear set of humanistic values – focused in three strategic pillars: economy-finance; designing a new global security framework; and cultural and people-to-people exchanges, the over-arching umbrella of inclusiveness and mutual respect. The following week, the G20 Finance Ministers (minus the US ) meeting in Zimbali was unable to reach a consensus statement on key issues of global minimum tax and African debt relief. While both the BRICS and G7 core are members of these groupings, prioritising different themes and modalities is proving illusory. Saving Multilateralism Both G20 and BRICS blocs are converging out of necessity at this moment in time. The BRICS Rio July 2025 declaration is groundbreaking in its scope and depth and committee clarity in saving the UN system and reforming multilateral institutions for common development and humanity, adopting the Leaders framework, declaration on Climate Finance, AI Governance and Partnership on Elimination of Diseases. (BRICS Rio Declaration ) In an age where AI is leading to deepening inequalities and disruptions, the BRICS commitment to AI Governance shows a deep commitment to multilateralism. Aligned to the UN Pact for the Future, the BRICS declaration is rooted in UN principles that balance both Digital Industrialisation, AI inclusion and privacy safeguards. There is good alignment with both G7 and G20 and the new EU AI Act. Ruptures in peace, security and climate pathways Despite these new alignments between both Global North and South formations in saving multilateralism, it is in the area of Peace and Security where major real geopolitics come into play. The BRICS plus is anchored in the Non-Aligned movement, while the core G7 is still committed to preserving Western hegemony. Indeed, the announcement by NATO and EU core states in increasing defence budgets to 5% of GDP - and the drastic cuts in development aid is sobering and will negatively impact the UN Development agenda. Here, realpolitik rooted in geo-political fractures is laid bare in the grave conflicts of Gaza, Ukraine, Sudan, DRC, Libya and numerous war zones. Here, the UN SC have so far failed to find consensus. Groups such as the Hague Group, which are examples of responsible nations committed to international law, are converging to confront the Genocide in Gaza, and such formations can catalyse new UN reforms and preserve the UN Charter. Finance reform and the African Debt crisis Last week's G20 Finance ministers meeting and the lack of any concrete agreement on Africa's debt crisis or global minimum tax expose the lack of coherence in the G20 model. The G20 Common Framework is essential in committing nations to financial reforms. So far, ministers are engaged in merely the 'MDB Roadmaps', essentially talks about talks, a painful road that does not guarantee a global finance and tax deal. Sadly, given that the G20 in 2025 is billed as the African Union's year, its core development agenda relevant to Africa is still elusive, and unlikely to bear fruit. SA is now 'treading lightly 'as we hand over our G20 baton to the Trump administration later this year, which has stated it will ignore most of our G20 agenda. The EU's Climate Moment of Truth arrives. Another area that is unravelling is the pathways to climate change mitigation. The EU, which has been the standard bearer of climate and the 'Just Energy Transition JET agenda, faces its moment of Truth. The scale of scope of Europe's Big Oil scouring Africa is a throwback to the early 20th-century colonialisation of Africa. Today, it's Oil giants - BP, Total, Shell, ENI - are making a big play for oil and gas in African states like Angola, Mozambique and Nigeria. This is akin to the early 20th century great oil frontier. In South Africa, Shell Oil is embroiled in yet another controversial exploration in the Karoo and Northern Cape. Meanwhile, South Africa's leading coal export destination are EU nations including Germany and the UK that are supposedly at the forefront of the Just Energy Transition (JET). The EU and G7's signature JET project is riddled with contradiction and will make the UN COP 30 deal much more difficult, as the EU wants 'Green cake and Oil'. The EU's CBAM program further raises trade barriers for Africa, leading to further deindustrialisation and job losses, thus fuelling the migration crisis northwards. Its glaring contradictions are no longer tenable as the EU is no different from the Trump administration's stated policy- 'Drill Baby Drill'. The EU is drilling for oil in Africa and globally, but not in their backyards. As the Trump 2.0 trade wars and economic nationalism deepens, an unlikely alliance of G20, BRICS and G77 can play a central role in saving multilateralism, the UN and global governance- but each with a vastly different focus and modalities. Will a new consensus emerge and the centre hold or rupture? * Ashraf Patel is a Senior Research Associate at the Institute for Global Dialogue, UNISA. ** The views expressed do not necessarily reflect the views of IOL, Independent Media or The African.
IOL News
2 days ago
- IOL News
FlySafair, Solidarity union head back to negotiating table after ‘some progress made'
FlySafair has made schedule changes affecting flights from July 22 to 28. Image: Supplied The mediation process between FlySafair and Solidarity, the labour union representing the carrier's striking pilots, is set to resume on Friday afternoon. 'We have reached a sensitive stage in the discussions and some progress has been made. Parties will reconvene on Friday at 2pm, to continue discussions,' a source at Solidarity told IOL. The strike and lockout conditions remain the same since talks began on Wednesday, the source added, and in the interim, parties have agreed to a media blackout to 'ensure the integrity of the process'. A FlySafair spokesperson told IOL that the airline continues to run a stable, reduced timetable and remains engaged in mediation with Solidarity and the Commission for Conciliation, Mediation and Arbitration (CCMA). The airline has reportedly entered into an agreement with South African Airways (SAA) to operate two of its daily flights under a 'passenger protection agreement'. However, there are fears that flight cancellations could be necessary next week if the strike is not resolved. That's because the pilots who are currently operating FlySafair's reduced schedule could reach their legal flying time limit by then, The Citizen reports. These regulations, designed to prevent fatigue, state that pilots cannot fly for more than 40 hours within a seven-day period. According to Solidarity, the strike was initially meant to last for one day (Monday), in order to get FlySafair to the negotiating table. But it said the airline then responded by locking out the pilots for seven days. Solidarity member pilots are demanding a 10.5% increase for 2025/26, with pilots claiming they're still earning 10% less than pre-pandemic levels. However, FlySafair says that this would amount to a cost-to-company increase of more than 20% once additional demands had been factored in, which it says is an unsustainable escalation for any company. The airline has offered its pilots an 'above inflation' increase of 5.7%. Next Stay Close ✕ FlySafair maintains that its pilots are among the best-compensated professionals in South Africa, with captains earning between R1.8 million and R2.3 million per year. However, the pilot roster system is a significant point of contention for pilots. ALSO READ: Why FlySafair pilots are striking - it's more than just money In a statement released earlier this week, Solidarity claimed that FlySafair's new rostering system drastically changed the established working conditions of pilots, impeding their rest periods and undermining their family life. 'As pilots' workdays often start before sunrise and last until late at night, sufficient rest is of utmost importance for the safety and well-being of pilots and passengers alike. 'In addition, pilots work seven days a week on a rotating schedule, which significantly impacts their family life compared to those who work standard office hours,' Solidarity said. Responding to earlier accusations that pilots were overworked, FlySafair said its captains spent an average of 63 hours in the cockpit last month, which is well within regulatory limits set by the Civil Aviation Authority, IATA and ICAO, which cap flight duty at 100 hours per month. This is a developing story. Stay tuned to IOL for further updates. IOL News
