
18/07/2025
Business and Economics
Current Affairs
The Third Meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) took
place on 17 and 18 July 2025 in Zimbali, Ballito, KwaZulu-Natal, South Africa, to advance the theme of “Solidarity, Equality, Sustainability.” The National Treasury and the South African Reserve Bank
are jointly responsible for overseeing the work of the G20 Finance Track under the co-chairship
of Minister Enoch Godongwana and Governor Lesetja Kganyago.
This was the final FMCBG meeting of the G20 Presidency on the vibrant continent of Africa,
concluding as the people of South Africa celebrated Nelson Mandela Day. The meeting
outcomes were agreed in a communiqué consented to by all members that centres on strategic
macroeconomic issues.
The meeting delivered productive and constructive discussions on Africa, the global economic
outlook and macroeconomic stability, the international financial architecture, sustainable
finance, global health, infrastructure, tax, financial sector issues and financial inclusion. Further
detail on the discussions is recorded below.
On the first day, Ministers and Governors recognised the challenges posed by conflicts,
geopolitical and trade tensions, disruptions to global supply chains, high debt levels, and
frequent extreme weather events and natural disasters, which impact economic growth, price
and financial stability. They agreed to bolster long-term growth potential by pursuing growthoriented macroeconomic policies, while building fiscal buffers, ensuring fiscal sustainability, encouraging public and private investments, undertaking productivity-enhancing reforms and
safeguarding central bank independence to maintain price stability. A renewed pledge was
made to strengthen multilateral cooperation to address existing and emerging risks to the global
economy and to recognise the importance of the World Trade Organisation (WTO) to advance
trade issues and the agreed-upon rules in the WTO as an integral part of the global trading
system.