G20 commits to sustainable finance roadmap
Finance Minister Enoch Godongwana has deemed the G20 Summit a success, despite some countries, including the United States, sending representatives instead of ministers. Godongwana downplayed the significance of this, stating it wasn't a crisis. Meanwhile, South Africa is keeping a watchful eye on potential threats from the US, including tariffs and financial aid cuts. CNBC Africa’s Palesa Mofokeng spoke to South African Finance Minister, Enoch Godongwana for more.
Fri, 28 Feb 2025 11:30:09 GMT
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AI Generated Summary
- The G20 Summit concluded with a focus on sustainable finance and economic challenges, with member countries supporting the presidency's priorities and work program.
- Minister Godongwana emphasized that while consensus on a communiqué was not reached, the Chairperson's statement reflected the majority of member states' views.
- Discussions at the summit centered on downside risks to global economic development, including economic fragmentation, rising protectionism, and disruptions to supply chains. The IMF and World Bank are expected to address these challenges in upcoming meetings.
The G20 Summit, held recently, concluded with a focus on sustainable finance and economic challenges facing member countries. South African Finance Minister, Enoch Godongwana, deemed the summit a success despite the absence of minister-level representatives from some countries, including the United States. Minister Godongwana highlighted that the presidency outlined its priorities and work program, which were overwhelmingly supported by member countries. He emphasized that while consensus on a communiqué was not reached, the Chairperson's statement reflected the majority of member states' views. Key discussions at the summit revolved around downside risks to global economic development, including economic fragmentation, rising protectionism, and disruptions to supply chains. The International Monetary Fund (IMF) and World Bank are expected to address these challenges in their upcoming meetings. Minister Godongwana also addressed the halt in USAID funding to South Africa by former President Donald Trump, stating that it would not change the country's priorities. The Finance Minister expressed his focus on fine-tuning and achieving consensus among G20 member countries ahead of future meetings, including those scheduled for April and July. Despite potential threats, South Africa remains committed to addressing global challenges and maintaining its strategic objectives within the G20 framework.
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