G20 Finance Track meetings kick off, spotlighting growth challenges in developing countries

CAPE TOWN -- The Group of 20 (G20) Finance Track meetings kicked off Monday in Cape Town, the legislative capital of South Africa, with discussions focusing on the challenges and constraints to growth in developing countries, particularly in African countries.

Addressing the opening of the G20 Finance and Central Bank Deputies Meeting, South African National Treasury Director-General Duncan Pieterse outlined key issues set for deliberation during the week-long discussions.

Held at the Cape Town International Convention Center, the Finance and Central Bank Deputies Meeting is scheduled for Feb 24-25, followed by the G20 Finance Ministers and Central Bank Governors Meeting on Feb 26-27. These meetings aim to pave the way for collaborative solutions to pressing global challenges and sustainable development ahead of the G20 Summit.

"South Africa has signaled a strong and keen intent to review the operational process of the G20. Last month, the G20 began its 26th year of operation; however, the operational processes of the G20 have rarely been reviewed," said Pieterse.

"In the coming months and following the discussions this week, the South African presidency working with the G20 membership will, for the first time, conduct a review of these processes and consider how to improve and strengthen them. We will also discuss various other opportunities for G20 engagement this year," he said.

South Africa assumed the G20 presidency on Dec 1, 2024, becoming the first African country to hold the position. The presidency's theme, "Solidarity, Equality and Sustainability," underscores the country's emphasis on inclusive global economic growth, with a focus on the world's most vulnerable nations.

He highlighted financing for development as a crucial issue for the world's poorest and most vulnerable countries, saying, "We will also hold a very important meeting on the challenges and the constraints to growth in developing countries, including African countries."

Additional topics relevant to G20 members will also be on the agenda.