South Africa's National Treasury and the South African Reserve Bank published an outcome statement on the second meeting of G20 Finance Ministers and Central Bank Governors, held on the sidelines of the IMF and World Bank Spring Meetings in Washington, DC. The meeting discussed global macroeconomic and financial stability, the international financial architecture and Africa-focused priorities, with members highlighting the G20’s role in guiding macro-financial responses amid heightened global uncertainty. Discussions on international trade focused on the spillovers from rising uncertainty and fragmentation, including slower growth, reduced investment, shrinking fiscal space, rising debt and financial turbulence, with particular concern that low-income countries would be hardest hit. On the international financial architecture, members advanced work on a Monitoring and Reporting Framework to track implementation of the G20 Roadmap for “bigger, better and more effective” Multilateral Development Banks, including developing measurable monitoring indicators. Members also supported initiatives to promote blended finance and private capital mobilisation, agreed to strengthen cooperation on debt vulnerabilities, liquidity challenges and debt transparency, and approved a process to improve the Common Framework informed by lessons from the first cases; support was noted for the Global Sovereign Debt Roundtable and an International Monetary Fund and World Bank debt restructuring playbook. On Africa, members endorsed a Presidency work programme to develop tailored policy solutions focused on institutions, macroeconomic vulnerabilities, infrastructure and the cost of capital. The group reaffirmed readiness to facilitate dialogue among members ahead of the next Finance Ministers and Central Bank Governors meeting in Durban in July 2025. The statement also noted that South Africa assumed the G20 Presidency on 1 December 2024 and will host the G20 Leaders’ Summit later in 2025.
National Treasury (South Africa) 2025-04-24
South Africa's National Treasury and South African Reserve Bank conclude second G20 Finance Ministers and Central Bank Governors meeting and set steps on MDB monitoring and debt process reforms
South Africa's National Treasury and Reserve Bank released an outcome statement from the G20 Finance Ministers and Central Bank Governors meeting, addressing global macroeconomic stability and Africa-focused priorities. Discussions included international trade challenges, a Monitoring and Reporting Framework for Multilateral Development Banks, and initiatives for debt transparency and private capital mobilisation. South Africa, having assumed the G20 Presidency, will host the G20 Leaders’ Summit in 2025.