Global leaders will this week come together in Cape Town to tackle economic and financial challenges in an effort to promote stability, growth and international cooperation at the Group of Twenty (G20) Finance Track meetings.
South Africa’s Presidency of the G20 continues full steam ahead - with the country's efforts to foster greater collaboration among the G20 members to address pressing global issues and find sustainable solutions that prioritise the well-being of all people.
South Africa’s G20 Presidency commenced on 1 December 2024 and all engagements are being held under the theme: “Solidarity, Equality, Sustainability” as the country endeavours to ensure “no one is left behind.”
The Finance Track deals with strategic macroeconomic and financial stability issues and is led by member countries’ Finance Ministers and central bank heads.
South Africa will host the first meeting of the G20 Finance Ministers and Central Bank Governors on 26 to 27 February 2025 at the Cape Town International Convention Centre.
This meeting will be preceded by the Finance and Central Bank Deputies meeting on 24 and 25 February 2025.
The Finance Track has four working groups, which includes the Framework working group, Sustainable Finance working group, International Financial Architecture, and Infrastructure working group.
In addition, there are three technical groups, not classified as working groups, which deal with financial inclusion, financial sector issues and international taxation.
The G20 was established to tackle pressing global economic and financial issues. Together, G20 members account for around 85% of global GDP and 75% of international trade.
It comprises 19 countries including: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom, and United States and two regional bodies, namely the European Union and the African Union.
The grouping therefore plays a critical role in influencing global policy making and fostering global economic stability. -SAnews.gov.za
