Finmin Godongwana outlines G20 presidency aims
According to Finance Minister Enoch Godongwana, South Africa wants to use its presidency of the G20 global forum over the coming year to ensure it pays particular attention to the continent’s needs. The finance track, which runs alongside the broader, sharper track of the G20, is the original forum of central bankers and finance ministers which dates back to the late 1990s emerging markets crisis. He joins CNBC Africa for more.
Thu, 12 Dec 2024 11:22:08 GMT
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AI Generated Summary
- Establishment of a G20 Africa expert panel to address debt and financing issues
- Conducting a stock take to review the effectiveness of the G20 finance track
- Challenges in closing the development financing gap and promoting domestic resource mobilization
South Africa's Finance Minister Enoch Godongwana is determined to use the country's presidency of the G20 global forum to shine a spotlight on the needs of the African continent. During a recent interview with CNBC Africa, Minister Godongwana discussed the importance of focusing on Africa's challenges and opportunities within the G20 framework.
The G20 finance track, established alongside the broader G20 platform of central bankers and finance ministers in the late 1990s, serves as a crucial forum for discussing pressing global economic issues. Minister Godongwana emphasized the significance of South Africa's role as G20 president in addressing key African priorities, such as economic growth, debt challenges, climate change, and critical mineral resources.
One of the key initiatives South Africa intends to implement during its presidency is the establishment of a G20 Africa expert panel. This panel will provide valuable insights and recommendations on critical issues affecting African countries, particularly focusing on debt sustainability and access to affordable financing.
Addressing the need for a comprehensive review of the G20 finance track, Minister Godongwana highlighted the importance of conducting a stock take to assess past achievements and identify areas for improvement. This evaluation process aims to ensure the agility and effectiveness of the G20 in addressing evolving global economic challenges.
As countries seek to bridge the development financing gap, Minister Godongwana underscored the importance of domestic resource mobilization and the support needed for countries lacking the capacity to generate sufficient resources internally. Closing this gap remains a significant challenge for many nations, requiring innovative solutions and collaboration among G20 members.
Looking ahead, Minister Godongwana emphasized the upcoming engagements and priorities for finance and central bank deputies within the G20 framework. With six key priorities on the agenda, including discussions on domestic resource mobilization, debt sustainability, and climate finance, the G20 deputies are tasked with delivering recommendations to finance ministers and central bankers in February next year.
South Africa's presidency of the G20 offers a unique opportunity to advance the African agenda within the global economic discourse. Minister Godongwana's commitment to addressing Africa's challenges and promoting sustainable development reflects the country's dedication to shaping a more inclusive and equitable global financial system.
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