PRETORIA, South African Finance Minister Pravin Gordhan and Reserve Bank Governor Lesetja Kganyago attended the first Group of 20 (G20) Finance Ministers and Central Bank Governors meeting in Baden baden, Germany, over the weekend to discuss the outlook for the global economy.
The Ministers and Governors discussed the outlook for the global economy, framework for a strong, sustainable and balanced growth, G20 Compact with Africa, international financial architecture, financial sector development and regulation, international tax and other global governance topics, the National Treasury said in a statement here Monday.
Held on 17 to 18 March under the German presidency of the G20. the meeting identified the resilience of economies as a pillar of sustainable economic growth. The meeting also re-affirmed the countries’ previous exchange rate commitments, including that they will refrain from competitive devaluation. Consensus was reached on addressing and reducing excessive global imbalances while promoting greater inclusiveness and reduce inequality in pursuit of economic growth.
The meeting took place at a time of improving business and consumer confidence where the Ministers and Governors agreed that the global economic recovery is moderate and continues to be weaker than desirable with downside risks for the global economy around political uncertainty.
They also re-affirmed the leverage of all policy tools — monetary, fiscal and structural — individually and collectively to achieving strong, sustainable, balanced and inclusive growth.
They agreed to work to strengthen the contribution of trade to economies as well as to strive to reduce excessive global imbalances, promote greater inclusiveness and fairness and reduce inequality in pursuit of economic growth.
A key deliverable for the Germany G20 Presidency is broadening international economic and financial cooperation with African countries to foster sustainable and inclusive growth in line with the African Union’s (AU) Agenda 2063.
The G20 Compact with Africa for Resilience and Growth (CwA), a framework for regional economic and financial stability in Africa, received substantial backing from G20 Ministers and Governors.
South Africa if the only African country in the Group of 20 which is made of the world’s leading industrialised and emerging economies but Ministers from Cote d’Ivoire, Morocco, Rwanda, Senegal and Tunisia, which had previously signalled interest in the CwA were invited to the meeting where they presented on their countries’ macro-economic environment, reform initiatives and investment projects.
Source: NAM NEWS NETWORK