The South African Reserve Bank released the chair’s summary of the fourth G20 Finance Ministers and Central Bank Governors meeting under South Africa’s G20 Presidency, held in Washington, DC and co-chaired by Finance Minister Enoch Godongwana and South African Reserve Bank Governor Lesetja Kganyago. The summary records areas of alignment across the Finance Track, including endorsement of a 2025-2030 Africa Engagement Framework, continued work to strengthen the international financial architecture and debt sustainability, and support for key Financial Stability Board work on non-bank financial intermediation, cross-border payments and crypto-asset regulation. Participants noted continued disinflation alongside elevated uncertainty and reiterated the importance of central bank independence and data-dependent policy. On sovereign debt, members reaffirmed support for the Common Framework for Debt Treatments, called for enhanced debt transparency from all stakeholders including private creditors, and supported a G20 ministerial declaration on debt sustainability. International financial architecture discussions covered Multilateral Development Bank balance-sheet reforms, including the 2025 Capital Adequacy Framework progress report, and IMF governance, with members advancing domestic approvals for the quota increase under the 16th General Review of Quotas and supporting development of principles for future IMF quota and governance discussions by the 2026 Spring meetings. On financial stability, members reaffirmed commitment to full and timely implementation of Basel III, endorsed the finalised FSB recommendations on systemic risk from non-bank leverage, and noted that the FSB’s crypto-asset thematic review found progress but significant gaps and risks of regulatory arbitrage. Sustainable finance work highlighted voluntary recommendations in the 2025 Sustainable Finance Report and a voluntary and non-binding Common Carbon Credit Data Model, which the Climate Data Steering Committee plans to pilot in 2026. The meeting also endorsed infrastructure deliverables and noted the launch of the Ubuntu Legacy Initiative to accelerate cross-border infrastructure projects in Africa using the Cross-Border Infrastructure Toolkit. Next steps highlighted in the summary include the next phase of the FSB’s implementation monitoring exercise in 2026, continued efforts to deliver the G20 Roadmap for Enhancing Cross-Border Payments by end-2027, and further discussions on the future working arrangements of the Joint Finance-Health Task Force at a Joint Finance and Health Ministers meeting. The note also looks ahead to the 2025 G20 Summit in Johannesburg and the United States’ 2026 G20 Presidency.
South African Reserve Bank 2025-10-16
South African Reserve Bank publishes chair’s summary of G20 finance leaders meeting endorsing Africa Engagement Framework and FSB non-bank leverage recommendations
The South African Reserve Bank released the chair’s summary of the fourth G20 Finance Ministers and Central Bank Governors meeting, highlighting alignment on the 2025-2030 Africa Engagement Framework, international financial architecture, and debt sustainability. Discussions included support for the Common Framework for Debt Treatments, Basel III implementation, and FSB recommendations on non-bank leverage and crypto-asset regulation. The meeting endorsed sustainable finance initiatives and infrastructure projects, with future steps outlined for cross-border payments and the Joint Finance-Health Task Force.