Godongwana calls for G20 collaboration on global challenges
Finance Minister Enoch Godongwana says global inflation is easing and financial conditions are stabilising, but uncertainty continues to weigh heavily on global economic growth.
The minister has been addressing officials representing G20 countries at the Finance Ministers and Central Bank Governors Meeting at Zimbali Resort in Ballito.
" We meet at a time of fragile global economic growth, rising trade barriers, persistent global imbalances, and new geopolitical risks."
Godongwana has told delegates on Thursday that collaboration is key in dealing with issues including high and rising debt in developing countries, specifically in Africa, and an increase in climate-related shocks and extreme weather events.
"The accumulative impact of these cascading challenges is pushing the achievement of the sustainable development goals by 2030 further out of reach. Developing countries face a staggering financing gap of four trillion every year.
"We must act decisively, choose cooperation over fragmentation, unity over division, and action over inaction, before the window to deliver on our set commitment closes."
The G20 meeting is taking place as officials to try and come up with solutions to challenges facing the global economy and amid uncertainty over incoming US trade tariffs.
Reserve Bank Governor Lesetja Kganyago and KZN Finance MEC Francois Rodgers are attending.
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