Cape Town hosts G20 Finance Central Bank & Deputies Meeting

Cape Town is abuzz with global leaders gathering for the G20 Finance track meetings this week, where they are set to address pressing economic and financial challenges to promote stability, growth, and international cooperation. Under South Africa's Presidency, the G20 is driving collaboration amongst its members to find sustainable solutions that prioritize the well-being of all people. CNBC Africa will be providing coverage of the events throughout the week, starting with an update from Balisa Mafukeng on the ground in Cape Town. The Director-General of South Africa's National Treasury, Duncan Pieterse, set the stage for the G20 Finance Central Bank and Deputies meeting with his opening remarks, outlining the agenda and key themes to be tackled by attending members. Pieterse highlighted an Emerging Markets and Developing Economies breakfast that took place, focusing on various challenges affecting these regions. Discussions covered the current state of the global economy, issues related to debt, perspectives on the reform of international financial architecture, and the challenges of securing affordable financing for development. Participants also emphasized the upcoming Financing for Development Conference in Spain as a critical area of discussion. Various side events are planned for the week, including topics like domestic resource mobilization, bridging the tax gap, cross-border payments, and global financial architecture transitions. Additionally, the Finance in Common Summit will host a roundtable on the cost of capital, encouraging the private sector to contribute to sustainable finance system reimagination. South Africa aims to review the operational processes of the G20, signaling a strong intent to enhance efficiency within the group. This review, to be conducted for the first time in the G20's 26-year history, will involve input from the South African Presidency and G20 membership to improve and strengthen operational procedures. Discussions this week will also explore opportunities for G20 engagement throughout the year. Financing for development is a crucial issue on the agenda, especially for the world's poorest and most vulnerable developing countries. The Financing for Development Conference in July and its alignment with the G20 finance track's objectives will be a key focus area. Additionally, discussions will center on the challenges and constraints to growth in developing countries, with a specific emphasis on African nations. The G20 finance track has meticulously planned a detailed program for the year, with ongoing progress made by working groups leading up to the discussions this week. Participants are expected to share their experiences, insights, and initiatives within various working groups to drive the work program for 2025. With a robust agenda in place, the G20 Finance Central Bank and Deputies meeting in Cape Town is poised to advance global economic cooperation and decision-making to address the challenges of today and lay the groundwork for a sustainable and inclusive future.