SA aims for first-ever G20 operational review

This was confirmed by National Treasury Director-General Dr Duncan Pieterse during a G20 Finance Ministers’ meeting in Cape Town on Monday.

Finance ministers and central bank governors from the G20 gathered in Cape Town for a four-day finance tracking meeting.

This is the second of the five finance meetings that will take place during South Africa's G20 Presidency.

Pieterse said the G20, which began its 26th year of operation last month, has rarely reviewed its operational processes.  

He confirmed that, in the coming months, South Africa, in collaboration with G20 members, will conduct the first-ever review of these processes.  

The G20 was formed to address key global economic and financial challenges. 

Its members represent about 85% of the world’s GDP and 75% of international trade.  

The group includes 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom, and the United States, along with two regional bodies, the European Union and the African Union.  

As a result, the G20 plays a vital role in shaping global policies and promoting economic stability.

He said South Africa will use its G20 Presidency to focus on key challenges affecting emerging markets and developing economies, especially in Africa.

"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.

“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 added. 

Pieterse said there would be several critical side meetings this week, including the meeting of the G20 Troika members, the meeting of the G20 emerging markets and developing economies, as well as several bilateral meetings with various G20 members and other international organisations.

"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 architecture 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,” said Pieterse.

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