G20 has will, capacity and determination to address global challenges: S African finance minister

Johannesburg, Dec 14 (PTI): G20 countries have the will, capacity and determination to address the formidable global challenges ahead, South African Finance Minister Enoch Godongwana has said her.

G20 has will, capacity and determination to address global challenges: S African finance minister

Johannesburg, Dec 14 (PTI): G20 countries have the will, capacity and determination to address the formidable global challenges ahead, South African Finance Minister Enoch Godongwana has said here.

He was speaking at a Finance and Central Bank Deputies Meeting of the bloc here on Thursday.

"The global challenges ahead are formidable. But the G20 has the will, capacity and determination to address them," Godongwana said as he added that this was captured in the theme of South Africa's G20 Presidency -- 'Solidarity, Equality and Sustainability'.

"There is an African proverb that reads: 'If you want to go fast, go alone. If you want to go far, go together.' Through our presidency, we will seek to strengthen and advance our common pursuit of the Sustainable Development Goals (SDGs) and the Pact for the Future," the minister said.

He added that South Africa intended to use the presidency, which it took over from Brazil on December 1, to advance an African agenda.

"To further this agenda and ensure that we strengthen the manner in which the G20 respond to the social and economic needs of our continent, we intend to establish a G20 Africa Expert Panel to support the G20 Finance Track. The G20 Africa Expert Panel will be composed of leading African economic, development and finance experts from the public sector, think tanks, academia and international financial institutions," Godongwana said.

The minister said that one of the areas South Africa would request the G20 Africa Expert Panel to advise on was how the G20 could ensure that the various African initiatives, including the compact with Africa, could be strengthened to the benefit of the continent.

"South Africa has also proposed a stocktake of the G20 finance track, to ensure that the G20 remains agile, responsive and fit for purpose. G20 leaders stated at the Rio Summit last month that they will accelerate the reform of the international financial architecture so that it can meet the urgent challenges of sustainable development, climate change and efforts to eradicate poverty.

"The G20 Roadmap towards Better, Bigger and More Efficient MDBs was a milestone achievement under Brazil's Presidency. Now, the focus turns to implementation and monitoring," Godongwana said.

"We will also keep our focus on enhancing debt sustainability, through improving the implementation of the Common Framework. We are aware that there are countries whose debt is sustainable, but which are facing acute liquidity challenges, which, if not addressed, could result in solvency challenges.

"These challenges necessitate a comprehensive approach towards debt sustainability, which means there is no ‘one size fits all’ approach," the minister said, proposing that this should be addressed through a focus on putting in place the measures for countries to make the right investments and undertake appropriate reforms to support sustainable and inclusive economic growth.

The private sector also needed to be involved, the minister added.

"In our efforts to scale up finance, we cannot omit the important role of private sector finance.

"Indeed, G20 engagement with the private sector remains critical if we are to achieve many of the goals we have set out for ourselves. South Africa's G20 Presidency will continue to work with business and other stakeholders, in order to unlock the global economy's full potential," he said.

The discussions under South Africa's G20 Presidency will take place alongside the 5th Finance in Common Summit (FiCS) that will take place at the Cape Town International Convention Centre, South Africa, from February 26 to 28, 2025, as well as the 4th International Conference on Financing for Development (FfD4) in Spain in June 2025. PTI FH IJT IJT

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