The G20 published the Chair’s Summary of its fourth Finance Ministers and Central Bank Governors meeting under the South African Presidency, held in Washington, DC on 15–16 October, setting out agreed messages and endorsed deliverables across financial stability, international financial architecture, sustainable finance, infrastructure and taxation. The meeting endorsed the Financial Stability Board’s (FSB) final recommendations to address systemic risks from non-bank financial intermediation leverage, reaffirmed commitment to full and timely implementation of agreed reforms and international standards including Basel III, and endorsed the launch of the 2025–2030 G20 Finance Track Africa Engagement Framework. On the international financial architecture, the summary records support for strengthening Multilateral Development Banks’ (MDBs) implementation of the G20 MDB Roadmap and Capital Adequacy Framework reforms, continued work on blended finance, and anticipation of the International Bank for Reconstruction and Development’s 2025 shareholding review. Members reaffirmed support for the Common Framework for Debt Treatments and called for enhanced debt transparency, including from private creditors, while also urging work on options for countries facing liquidity challenges despite sustainable debt. On the IMF, members advanced domestic approvals for consent to the quota increase under the 16th General Review of Quotas and supported the IMF Executive Board developing principles for future quota and governance discussions by the 2026 Spring meetings. The summary also notes progress on the G20 Roadmap for Enhancing Cross-Border Payments, including completion by the Financial Action Task Force of revisions to international requirements on transparency of cross-border payments, and welcomes FSB, Bank for International Settlements and World Bank reports on AI adoption in finance. An FSB peer review on crypto-asset regulation was welcomed, with the summary noting progress but also significant gaps and uneven implementation that may enable regulatory arbitrage. Next steps highlighted include piloting the voluntary Common Carbon Credit Data Model in 2026 with willing stakeholders, and a further phase of the FSB’s implementation monitoring exercise in 2026 focusing on implementation challenges and recommendations. The summary also points to continued discussions on future working arrangements for the Joint Finance-Health Task Force at a Joint Finance and Health Ministers meeting, notes forthcoming G20 outputs including a ministerial statement on debt sustainability and a high-level panel report on financing pandemic preparedness, and looks ahead to the 2025 G20 Summit in Johannesburg and the 2026 G20 Presidency of the United States.
G20 2025-10-17
G20 Finance Ministers and Central Bank Governors endorse FSB recommendations on non-bank leverage and launch 2025-2030 Africa engagement framework
The G20's fourth Finance Ministers and Central Bank Governors meeting highlighted agreements on financial stability, international financial architecture, and sustainable finance. It endorsed the Financial Stability Board's recommendations on non-bank financial intermediation leverage and supported reforms for Multilateral Development Banks and the IMF. Progress was noted on cross-border payments, AI in finance, and crypto-asset regulation, with future steps including piloting a Common Carbon Credit Data Model and further implementation monitoring by the FSB.