South Africa's National Treasury and the South African Reserve Bank issued a joint readout of the 17–18 July 2025 G20 Finance Ministers and Central Bank Governors meeting in Durban and released the communiqué agreed by all members. The communiqué sets out outcomes across the global economic outlook and macroeconomic stability, the international financial architecture, sustainable finance, financial sector issues and inclusion, tax, global health, infrastructure, and Africa-focused growth priorities. Members highlighted risks from conflicts, geopolitical and trade tensions, supply-chain disruption, high debt and frequent extreme weather events, and agreed to pursue growth-oriented policies while building fiscal buffers, ensuring fiscal sustainability, and safeguarding central bank independence. On the international financial architecture, the meeting covered strengthening Multilateral Development Banks (MDBs) and a Monitoring and Reporting Framework to track progress against the G20 MDB Roadmap, with an inaugural report due later in 2025. On sovereign debt, the group endorsed a G20 note on lessons learned from initial Common Framework cases and a note setting out the steps of a debt restructuring under the Common Framework, alongside publishing fact sheets for Chad, Zambia and Ghana; a separate note on Special Drawing Rights (SDR) channelling recorded that voluntary channelling has exceeded USD 100 billion, with current pledges at USD 113.8 billion from 35 countries. The update also covered recommendations on scaling adaptation and just transitions and principles for a Common Carbon Credit Data Model that is undergoing public consultation, and endorsed infrastructure deliverables on project-level data and market data availability to support credible pipeline development and private participation. In financial sector discussions, members reaffirmed full and timely implementation of agreed reforms and standards including Basel III, supported the Financial Stability Board’s work on non-bank financial institution data availability and leverage-related systemic risks, and recommitted to the G20 Roadmap for enhancing cross-border payments. The next G20 Finance Ministers and Central Bank Governors meeting is scheduled for October in Washington, D.C., with the G20 Leaders’ Summit to be hosted by South Africa in November.
National Treasury (South Africa) 2025-07-18
South Africa's National Treasury and the South African Reserve Bank publish Durban G20 finance communiqué endorsing Common Framework guidance and noting USD 113.8 billion SDR channelling pledges
South Africa's National Treasury and Reserve Bank summarized the G20 Finance Ministers and Central Bank Governors meeting in Durban, focusing on global economic stability, financial architecture, and sustainable finance. Discussions included strengthening Multilateral Development Banks, sovereign debt restructuring, and scaling adaptation and just transitions. Members reaffirmed commitments to Basel III implementation, non-bank financial institution data, and the G20 Roadmap for cross-border payments.