SA hosts key G20 meeting to tackle global economic risks

Cape Town – Technical meetings under the Group of 20 (G20) Finance Track began this week with the Framework Working Group (FWG) meeting on Monday. 

South Africa, as G20 President, is overseeing the process, with the National Treasury and South African Reserve Bank responsible for the Finance Track.

“The National Treasury and the South African Reserve Bank are jointly responsible for overseeing the work of the G20 Finance Track.

#ICYMI National Treasury and the Reserve Bank will jointly host a two-day technical meeting under the Group of 20 Finance Track. https://t.co/hpZ4Zw0Iir pic.twitter.com/CLZnVyan96

— SABC News (@SABCNews) January 14, 2025

“The mandate of the FWG is to promote strong, sustainable, balanced, and inclusive growth, and does so by identifying, monitoring and assessing global macroeconomic risks, vulnerabilities and uncertainties and recommending suitable policy responses to global shocks and cross-cutting global challenges,” National Treasury said in a statement.

The FWG focuses on promoting strong, inclusive economic growth by assessing global risks and recommending policy responses.

The meeting discussed global growth challenges, fiscal risks, and the economic outlook for Africa.

National Treasury and the Reserve Bank will jointly host a two-day technical meeting under the Group of 20 Finance Track. The Framework Working Group meeting will take place virtually starting today. Participants will mainly include officials from finance ministries and central… pic.twitter.com/dGLiSf7xBn

— newsnote (@newsnoteSA) January 13, 2025

South Africa’s priorities include enhancing global resilience, addressing climate change, and evaluating labor productivity.

The FWG will meet three more times in 2025, with outcomes informing broader G20 discussions. The G20 Leaders’ Summit will be held later in 2025.