South Africa Hosts Inaugural G20 Framework Meeting

Synopsis

South Africa's first G20 Framework Working Group meeting took place this week, focusing on global economic challenges and the draft work plan for 2025. The meeting emphasizes the country's agenda under the theme of 'Solidarity, Equality, and Sustainability'.

Key Takeaways

First G20 FWG meeting held in Cape Town.
Focus on global economic challenges and Africa's outlook.
Future sessions scheduled for April, June, and September 2025.
Emphasis on sustainability and inclusivity in growth.
G20 Leaders' Summit planned for November 2025 in Johannesburg.

Cape Town, Jan 14 (NationPress) Technical discussions for the Group of 20 (G20) Finance Track commenced this week with the inaugural Framework Working Group (FWG) session, as reported by the South African Government News Agency on Tuesday.

The virtual FWG meeting, conducted from Monday to Tuesday, followed South Africa's assumption of the G20 presidency, highlighted by the initial G20 Sherpa and Finance Track meetings in December 2024.

According to the report, the Monday session concentrated on significant global growth challenges, persistent supply and demand risks affecting inflation, and primary fiscal issues. Delegates also evaluated Africa's economic outlook. On Tuesday, the discussions revolved around the draft FWG work plan for 2025.

This meeting marks the first of four FWG sessions planned for 2025. "The remaining three sessions for this working group are set for April, June, and September, to be held in person across various venues in the country," the report stated.

South Africa's National Treasury and Reserve Bank are jointly managing the G20 Finance Track, as reported by Xinhua news agency.

"The FWG's mandate is to foster strong, sustainable, balanced, and inclusive growth by identifying, monitoring, and evaluating global macroeconomic risks, vulnerabilities, and uncertainties, while recommending appropriate policy responses to global shocks and overarching global challenges," stated the National Treasury.

The G20 Leaders' Summit is anticipated to take place in Johannesburg, South Africa’s largest city and economic center, in November 2025.

Last month, during the inaugural G20 Sherpas Meeting in Johannesburg, South Africa's Minister of International Relations and Cooperation, Raymond Lamola, outlined the host nation's agenda aimed at promoting collective global objectives through key priorities.

In his speech, Lamola underscored the theme of South Africa's presidency, 'Solidarity, Equality, and Sustainability', emphasizing crucial aims such as enhancing disaster resilience, tackling debt challenges faced by low-income nations, and mobilizing resources for a fair energy transition.

"We will confront these challenges through our high-level deliverables and priorities, which are at the core of the original G20 mandate of promoting strong, sustainable, balanced, and inclusive growth and by forging partnerships across all sectors of society to discover collective solutions," he stated.