By Sayed Ridhwaan
With Finance and Central Bank Deputies from around the world gathering in Cape Town for the G20 Finance Track meeting, the focus is on fostering global economic stability and addressing pressing global challenges. National Treasury’s Director-General, Dr Duncan Pieterse, set the tone for the meeting with his opening remarks to the media this morning.
Dr Pieterse highlighted the themes of the G20 presidency – solidarity, equality, and sustainability – and emphasized the importance of ensuring that these themes resonate in the world. As he mentioned: “This morning, we had an Emerging Markets and Developing Economies breakfast, where we discussed a wide range of challenges, affecting Emerging Markets and Developing Economies, including issues relating to debt and how it affects Africa”.
One of the key topics on the agenda for the G20 Finance Track meeting is financing for development. Dr Pieterse stressed the importance of engaging with the Financing for Development Conference happening in July and considering how the G20 finance track can support this process. Additionally, discussions will be held on the challenges and constraints to growth in developing countries, with a focus on African nations.
The G20, which represents over 80% of the global economy and two-thirds of the world’s population, plays a crucial role in promoting economic cooperation and stability. By bringing together Finance Ministers and Central Bank Governors from diverse countries, the G20 Finance Track aims to address global challenges and find sustainable solutions.
As the Finance and Central Bank Deputies meeting progresses behind closed doors, Dr Duncan Pieterse’s words will continue to guide the discussions and decisions made by the participants. The G20 Finance Track meetings are scheduled to continue until 27 February 2025 at the Cape Town International Convention Centre.
Photo: GCIS
