Finance ministers and central bank chiefs from the Group of 20 developed and developing nations convened in South Africa for a two-day meeting, with notable absences including U.S. Treasury Secretary Scott Bessent and other high-profile figures. The U.S. administration's criticism of South Africa and its G20 themes led to Bessent's absence, citing prior commitments in Washington.
South Africa, the first African nation to hold the rotating G20 presidency, has emphasized addressing issues affecting poorer countries such as debt relief and climate change. The G20 comprises major economies, the European Union, and African Union, representing a significant portion of the global population and GDP.
South African President Cyril Ramaphosa outlined the country's priorities for the G20 meeting, including resilience to climate-related disasters, debt relief for poorer nations, financing green energy transitions, and utilizing critical minerals for developing countries' benefit.
The meeting aims to foster consensus on actions for a more resilient, sustainable, and equitable global economy. Despite expectations of minimal international cooperation from the U.S., the Trump administration openly criticized South Africa and its agenda.
Ramaphosa invited U.S. President Donald Trump for a state visit during the G20 summit, but no response has been received. The U.S. is set to assume the G20 presidency next.
Key figures present at the meeting included U.S. Federal Reserve Chair Jerome Powell and European Central Bank President Christine Lagarde. China sent senior officials from its finance ministry and central bank.
The G20 has faced challenges in reaching consensus on various issues. Tensions were evident at the recent foreign ministers meeting, with disputes over Russia's conflict with Ukraine. Efforts to capture a joint photograph were hindered by scheduling issues.
The United Nations Development Program highlighted worsening debt problems, particularly for the poorest countries. Failure to enhance debt relief efforts could lead to prolonged solvency crises in more nations.
Analysts suggest the G20 plays a crucial role in revitalizing global climate action post the U.S. withdrawal from the Paris climate agreement. Concerns persist that reduced climate action could disproportionately impact Africa and other developing regions.
AP Africa news: https://apnews.com/hub/africa
