South Africa will use its G20 Presidency to review the group’s processes, address financing for development, and tackle barriers to growth in developing countries, including those in Africa.
Addressing the opening of the G20 Finance Ministers' and Central Bank Governors' meeting, National Treasury Director-General, Dr Duncan Pieterse, outlined a range of issues that will be discussed at this week’s finance track meetings, taking place in Cape Town.
This as the Finance and Central Bank Deputies' meeting is taking place at the Cape Town International Convention Centre, on 24 and 25 February 2025. The meeting will be followed by the first meeting of the G20 Finance Ministers and Central Bank Governors on 26 to 27 February 2025.
“South Africa has signalled a strong and keen intent to review the operational process of the G20. Last month, the G20 began its 26th year of operation, however the operational processes of the G20 have rarely been reviewed.
“In the coming months and following the discussions this week, the South African Presidency working with the G20 membership will for the first time conduct a review of these processes and consider how to improve and strengthen them. We will also discuss various other opportunities for G20 engagement this year,” Pieterse said on Monday.
South Africa’s G20 Presidency commenced on 1 December 2024, and all engagements are being held under the theme: “Solidarity, Equality, Sustainability.” The theme underscores the nation’s focus on inclusive global economic growth, with particular attention to the needs of the world’s most vulnerable nations.
He said one of the issues of importance to the world’s poorest and most vulnerable countries is the issue of financing for development.
“Today we will discuss the Financing for Development Conference that is happening in July this year and how the G20 Finance Track might consider engaging with this process.
“We will also hold a very important meeting on the challenges and the constraints to growth in developing countries, including African countries,” the Director-General said.
Other issues of relevance to the membership to G20 will be discussed as well.
“We have worked on a very detailed programme and the work continues this week. Over the last few weeks and months, the G20 working groups of the Finance Track have met and have made progress in shaping our agenda for this year, which is going to be taken forward and discussed in detail this week,” he said.
This week, there will be several critical side meetings, including the meeting of the G20 Troika members, the meeting of the G20 emerging markets and developing economies, which took place this morning, as well as several bilateral meetings with various G20 members and other international organisations.
“This morning, we had an emerging market and developing economies breakfast where we discussed a wide range of challenges affecting emerging markets and economies.
“The participants in our meeting reflected on various issues, including the current state of the global economy, issues relating to debt and how it affects Africa in particular, various perspectives on the reform of the financial architectural were shared and the challenges facing members in affording financing for development and the importance of the Financing for Development Conference that is happening later this year in Spain, which is one of the areas we will discuss,” Pieterse said.
Some of the side events for this week include domestic resource mobilisation, bridging the tax gap, cross border payments, global financial architecture in transition and a cost of capital roundtable.
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
