• Home
  • About Us
  • Contact Us
  • Submit Press Release
  • Sitemap
Africa News Wire
  • General
  • Business Affairs
  • Lifestyle
  • Health Care
  • Sports
  • Legal
  • Study
  • National
  • Press Releases
  • Home
  • Business Affairs
  • South Africa to attend G20 meetings of Finance Ministers and Central Bank Governors in Australia

South Africa to attend G20 meetings of Finance Ministers and Central Bank Governors in Australia

AaronPettey
February 20, 2014February 24, 2014 Comments Off on South Africa to attend G20 meetings of Finance Ministers and Central Bank Governors in Australia

South Africa will join fellow G20 member-countries in Sydney, Australia, this weekend, 22 to 23 February 2014 for the first meeting of Finance Ministers and Central Bank Governors under the Presidency of Australia.

The Deputy Minister of Finance, Nhlanhla Nene, will lead the South African Government delegation. Finance Minister Pravin Gordhan will not attend the meeting as he is preparing for the tabling of the 2014 budget in parliament on Wednesday, the 26th of February.

This weekend’s meeting is an opportunity for G20 members to discuss the challenges of how to resolve the after-effects of the global financial crisis which began in 2008. The global economy is yet to fully recover from the crisis. Recent turbulence in global capital markets is evidence of this.

The issues tabled for discussion at this meeting include:

investment in infrastructure;

how to build common growth strategies;

a package of changes to financial sector regulation;

a global standard on the automatic exchange of tax information and a G20 tax agenda for 2014; and

the next steps on the International Monetary Fund (IMF) reform agenda.

South Africa will use the meeting to encourage the global economic community to return to more cooperation and coordination through the G20. Our delegation will draw attention to the need for greater care in ensuring clear and consistent communication of policy actions by the very large economies. Recent events have demonstrated how financial markets, as one of the channels through which the interconnectivity of global economies takes place, can affect stability in emerging economies.

Though the recent performance of the US and Eurozone economies shows promise, the global economy remains constrained by weak global aggregate demand and underinvestment, both of which are important for sustainable global growth.

South Africa will pay particular attention to the G20’s agenda for investment in infrastructure and its potential to support this agenda in sub-Saharan Africa.

Like many emerging economies, South Africa remains concerned about the IMF reform process. We will therefore, reiterate her concerns that the IMF reform process has failed to improve the representation of sub-Saharan Africa in the IMF and that no action has been taken to address the steady erosion of the voting share of this region during the previous round of governance (Executive Board) reforms. Given the increased use of global capital markets by a number of sub-Saharan African countries in recent years, their poor representation in the IMF is inconsistent with the fund’s reform objectives of legitimacy, credibility and effectiveness.

Post navigation

Deputy Minister of Water and Environment Affairs to lead Fundisa for change Eeducation for Sustainable Development (ESD) Teacher Education conference
Deputy Minister Michael Masutha to hand over science library to Piet Retief community

Related Articles

National Planning Commission hosts webinar to review economic progress towards the NDP’s Vision for 2030, 21 Jan

- Business Affairs
January 19, 2021January 20, 2021

MEC David Maynier calls for extension of UIF-Covid19 TERS to save businesses and jobs

- Business Affairs
January 19, 2021January 20, 2021

Upgrading Caribbean disaster preparedness and response capacities: Caribbean nations work together for regional resilience

- Business Affairs
January 18, 2021

News Search

Page Links

  • Home
  • About Us
  • Contact Us
  • Submit Press Release
  • Sitemap

Advertisement

MonthlyArchives

Advertisement

News Archives

January 2021
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Dec    
© Copyright 2021 - Africa News Wire. All Rights Reserved
  • Home
  • About Us
  • Contact Us
  • Submit Press Release
  • Sitemap