United Nations Secretary-General Antonio Guterres called for the reform of global financial institutions and urged action to address the debt crises affecting some countries.

Guterres made these remarks in Johannesburg while addressing the first G20 Sherpas-Finance and Central Bank Deputies Joint Meeting. “G20 must lead on delivering financial justice,” he noted, Xinhua news agency reported.

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Financing plays a fundamental role in fostering inclusive economies, supporting industrialisation, addressing food insecurity, and reducing inequalities, he said.

“These institutions must represent today’s economy. Developing economies must be represented fairly in their governance. These institutions must also protect economies, especially the vulnerable ones from global shocks,” said Guterres.

The UN chief is scheduled to meet South African President Cyril Ramaphosa. Guterres expressed his commitment to working with South Africa during its G20 presidency to tackle key issues such as climate change, development challenges, and the global debt crisis. South Africa assumed the G20 presidency on December 1, becoming the first African country to lead this influential group of the world’s major economies.

Meanwhile, South Africa’s Minister of International Relations and Cooperation Ronald Lamola said that the country has proposed the establishment of a Cost of Capital Commission during its G20 presidency.

“This Commission will deliver a comprehensive expert review on the issues impacting the cost of capital for developing economies which could help address future debt sustainability issues and the related fiscal space challenges,” Lamola said. “We hope that, through our G20 presidency, we can move closer to a world where sustainability, equality, and solidarity guide our efforts to address the most pressing challenges facing the globe.”