Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
CAPE TOWN, Nov. 7 (Xinhua) — South African President Cyril Ramaphosa said on Thursday that the upcoming Group of Twenty (G20) summit is expected to take concrete measures to reform the global financial system and address the widening global wealth gap and income inequality.
Speaking at a question-and-answer session at the National Assembly in Cape Town, Ramaphosa stressed that South Africa's G20 Presidency aims to "create a more stable, efficient and sustainable international financial architecture."
According to the President, one of the key outcomes of the summit, which will take place in Johannesburg later this month, will be the conclusion of an agreement to strengthen multilateral development banks such as the World Bank, the International Monetary Fund, and the African Development Bank. Ramaphosa explained that the agreement will build on the work done by Brazil as the G20 Presidency to improve the effectiveness of these institutions in helping countries achieve their sustainable development goals.
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