WASHINGTON, April 27 (NNN-SANEWS) — Members of the Group of Twenty (G20) have endorsed a work programme that identifies policy solutions that will address the barriers that limit Africa’s development and growth.
“During the discussion on the impediments to growth and development in Africa, members welcomed the work on strengthening institutions, addressing macroeconomic vulnerabilities, infrastructure development and the cost of capital,” a joint statement by National Treasury and South African Reserve Bank said.
Members endorsed a work programme proposed by South Africa’s Presidency to identify and submit tailored policy solutions to the impediments to help address the individual challenges that countries face.
The Second Meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) took place on April 23 and 24 on the sidelines of the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, DC.
Under the chairship of Minister Enoch Godongwana and Governor Lesetja Kganyago, the meeting delivered productive and constructive discussions on global macroeconomic and financial stability, the international financial architecture, and Africa-specific priorities.
“There was broad consensus on the central role of the G20 in fostering stability and strategic direction during this period of global economic turbulence.
“There was broad consensus on the central role of the G20 in fostering stability and strategic direction during this period of global economic turbulence.
“Many urged the need to reaffirm our commitment to multilateralism and a rules-based global trading system and renewed efforts to restore cooperation.
“There was also an acknowledgement that low-income countries will be the most severely affected by trade fragmentation. Members agreed on the need for the G20 to lead macro-financial policy responses to safeguard growth and financial stability,” the statement said.
The international financial architecture discussion focused on advancing the Monitoring and Reporting Framework to track implementation of the G20 Roadmap for bigger, better and more effective Multilateral Development Banks (MDBs).
The G20 confirmed plans to develop monitoring indicators with clear, measurable and focused outcomes.
“In addressing the need to increase the level of development financing, members supported new initiatives to promote blended finance and private capital mobilisation.
“They further agreed to strengthen multilateral cooperation to tackle heightened debt vulnerabilities and liquidity challenges, and to promote augmented debt transparency,” the statement said.
Members also approved a process to improve the Common Framework, informed by recommendations from a G20 Note on the lessons learned from the Common Framework’s first cases.
Broad support was also expressed for the work of the Global Sovereign Debt Roundtable and the release of a Playbook on debt restructuring by the International Monetary Fund and World Bank. — NNN-SANEWS