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Zuma to call for reforming international financial system at G20: Presidency

06-19-2012 01:39 BJT Special Report:President Hu Visits Denmark, Attend G20 Summit |

JOHANNESBURG, June 18 (Xinhua) -- South Africa's President Jacob Zuma will stress the necessity of reforming international financial system at the upcoming G20 summit, the presidency said on Monday.

At the summit, Zuma will raise the issue of the reform of the international financial architecture and the need for a greater voice and representation for developing countries, especially African countries, in global economic and financial governance, the nation's presidential spokesperson Mac Maharaj said.

Zuma, accompanied by the Minister of Finance Pravin Gordhan, has arrived in Los Cabos, Mexico for the meeting of the G20 Summit, Mharaj said.

The G20, a leading forum for international cooperation on global economic and financial matters, brings together the world's major advanced and emerging economies.

The summit takes place against the backdrop of a euro zone debt crisis which is threatening the European monetary union. The developments in Europe have already had a negative impact on global financial markets.

"The continuing vulnerability of several larger European economies presents serious negative implications for the global economy. European countries need to work together to resolve the debt problems which have created volatility and uncertainty in the world economy," Maharaj said in a statement.

As the prolonged global crisis is placing pressure on South Africa's economy, Maharaj said Pretoria is calling on the summit to deal with global economic crisis.

"We will be urging G20 members to put the interest of the global economy ahead of short-term national interests. While understanding the impact of the crisis on the whole world, we also urge that the crisis in the Eurozone must not push development issues to the bottom of the G20 agenda," said the statement.

South Africa is attending the G20 against the background of encouraging growth in the African continent. Several economies in Africa and the developing world continue to grow quicker than most developed economies.

Sub-Saharan Africa is projected to grow at an average of 5 percent which would make the continent only second to emerging Asia as the fastest growing region in the world.

"African governments have generally managed their economies prudently over the past decade, which has allowed for greater fiscal space in response to the global crises. Africa looks to this G20 summit in Los Cabos to help ensure economic stabilization in Europe so that these growth trends can continue", Maharaj said.

The main objective of the G20 is to achieve global economic stability and, sustainable growth, through the promotion of global economic coordination between its members.

The South African government has said its participation in the G20 is to promote meaningful economic relations with the world so as to ensure the achievement of inclusive and sustainable growth, thereby contributing to the eradication of poverty, inequality and unemployment and creating a prosperous society.

Editor:Wang Shuo |Source: Xinhua

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