Power shifts on the international scene and increasing pressure on the incumbent multilateral institutions, including from the South African G20 Presidency, make the need for reform starker than ever. The Bretton Woods institutions have so far responded with incremental changes, but their slow pace matches neither the criticism and demands from underrepresented actors nor the rise of new institutions. The disengagement and outward withdrawal of the new US administration from key agreements and institutions heightens tensions and reinforces the need to update the international financial architecture.