The South African Reserve Bank, jointly with South Africa’s National Treasury, published a summary of the agreed communiqué from the third G20 Finance Ministers and Central Bank Governors meeting held under South Africa’s G20 Presidency, covering macroeconomic stability, reforms to the international financial architecture, sustainable finance, financial sector issues and inclusion. The communiqué is described as the second G20 communiqué agreed on the African continent since the G20’s establishment. On the international financial architecture, participants looked to the Monitoring and Reporting Framework tracking delivery of the G20 Multilateral Development Bank Roadmap, with an inaugural report expected in October, and noted that voluntary channelling of Special Drawing Rights or equivalent contributions has exceeded USD 100bn, with pledges at USD 113.8bn from 35 countries. For sovereign debt, the meeting endorsed G20 notes on lessons learned from initial Common Framework cases and on steps in a Common Framework debt restructuring, alongside publication of case fact sheets for Chad, Zambia and Ghana. Financial sector commitments included reaffirming full and timely implementation of Basel III, endorsing Financial Stability Board recommendations on systemic risks from non-bank financial institution leverage, and reaffirming the G20 roadmap for safer and more efficient cross-border payments. Other workstreams highlighted included principles for a Common Carbon Credit Data Model (in public consultation), endorsement of infrastructure deliverables focused on project and market data, continued engagement on Pillar Two global minimum tax concerns and digitalisation-related tax challenges, and finance-health coordination on pandemic financing guidance. The next G20 Finance Ministers and Central Bank Governors meeting is scheduled for October in Washington, D.C. alongside the World Bank Group and International Monetary Fund Annual Meetings, with the G20 Leaders’ Summit to be hosted by South Africa in November.
South African Reserve Bank 2025-07-18
South African Reserve Bank and National Treasury publish third G20 Finance Ministers and Central Bank Governors meeting outcomes endorsing Common Framework debt notes and infrastructure data guidance
The South African Reserve Bank and National Treasury released a communiqué from the G20 Finance Ministers and Central Bank Governors meeting, addressing macroeconomic stability, international financial architecture reforms, and financial sector issues. Key points include endorsing Basel III implementation, Financial Stability Board recommendations on non-bank financial institution leverage, and a G20 roadmap for cross-border payments. It also highlights progress on the G20 Multilateral Development Bank Roadmap and sovereign debt restructuring under the Common Framework.