Cape Town: South Africa will leverage its G20 Presidency to review the group’s processes, focus on financing for development, and address growth barriers in developing countries, particularly in Africa. National Treasury Director-General, Dr. Duncan Pieterse, outlined these priorities at the G20 Finance Ministers’ and Central Bank Governors’ meeting in Cape Town.
According to South African Government News Agency, Dr. Pieterse emphasized the importance of reviewing the G20’s operational processes, which have seldom been reassessed since the group’s inception 26 years ago. The South African Presidency, working with the G20 membership, aims to improve and strengthen these processes. Under the theme “Solidarity, Equality, Sustainability,” South Africa’s G20 engagements will focus on inclusive global economic growth, with particular attention to the world’s most vulnerable nations.
Financing for development is a significant concern for the world’s poorest and most vulnerable countries. Discussions will include the upcoming Financing for Development Conference in July and how the G20 Finance Track might engage with this process. Other critical topics include challenges and constraints to growth in developing countries, particularly in Africa.
The G20 Finance Track has made progress in shaping the agenda for this year, with several side meetings scheduled, including those of the G20 Troika members, emerging markets, and developing economies. These meetings will address issues like the global economy’s current state, debt impacts, financial architecture reform, and financing for development.
Side events this week will cover topics such as domestic resource mobilization, bridging the tax gap, cross-border payments, global financial architecture in transition, and a cost of capital roundtable. Established to address global economic and financial issues, the G20 plays a crucial role in influencing global policy and economic stability. It comprises 19 countries and two regional bodies, accounting for a significant portion of global GDP and international trade.