As preparations for the Group of 20 (G20) Leaders’ Summit continue, significant progress has been made, with nearly 80 of the 132 planned official meetings already completed.
According to the Minister in the Presidency, Khumbudzo Ntshavheni, the G20 calendar is on track, showcasing an active dialogue among member nations, as negotiations regarding Ministerial outcome documents and related high-level results have commenced.
Meanwhile, the Minister announced on Thursday that South Africa has taken a pivotal step in shaping the global financial landscape through the introduction of the Cost of Capital Review.
This initiative aims to foster a fairer global financial system, particularly benefiting developing nations to enhance their investments in critical areas such as infrastructure, healthcare, education, and climate resilience.
“This is a critical step toward creating a fairer global financial system,” the Minister said, highlighting the importance of equitable financial practices.
In recent developments, Ntshavheni said various G20 Engagement Groups have presented their work programme and priorities.
Notably, the United States has indicated its intention to fully participate in these meetings, though it will do so at the level of Under-Secretary.
The Minister believes that the commitment signifies a renewed engagement from one of the key G20 members.
In July, several important meetings were held, each focusing on critical global issues.
These included the Fourth G20 Finance and Central Bank Deputies Meeting, the Emerging Markets and Developing Economies Deputies Meeting, the Third Meeting of Finance Ministers and Central Bank Governors, the Third Technical Meeting of the G20 Empowerment of Women Working Group, and the Third Meeting of the Education Working Group.
In addition, the agenda featured the Fifth Health Working Group Meeting, the Third Disaster Risk Reduction Working Group Meeting, the Fourth Meeting of Task Force 1, and the Second Climate and Environmental Sustainability Working Group Meeting.
These meetings set the stage for broader discussions and decisions that will be made at the upcoming G20 Summit, reflecting a collective effort to address global economic and social challenges. – SAnews.gov.za
