Treasury hosts G20 Framework Working Group Meeting, 13 to 14 Jan

The first set of technical meetings under the Group of 20 (G20) Finance Track will start this week with a meeting of the Framework Working Group (FWG) from 13 to 14 January 2025. The meeting will take place virtually. The meeting follows that of the Finance and Central Bank Deputies in December 2024.

The National Treasury and the South African Reserve Bank are jointly responsible for overseeing the work of the G20 Finance Track. The mandate of the FWG is to promote strong, sustainable, balanced, and inclusive growth, and does so by identifying, monitoring and assessing global macroeconomic risks, vulnerabilities and uncertainties and recommending suitable policy responses to global shocks and cross-cutting global challenges.

The first day of the meeting will focus on the main headwinds to global growth, ongoing supply and demand risks to inflation, and the main fiscal risks to growth and inflation. It will also discuss the economic outlook for Africa. The second day of the meeting will discuss the draft FWG work plan for 2025, which includes priority areas identified by the South African Presidency. These priorities include (i) enhancing global economic resilience in light of growth risks like fragmentation and macroeconomic imbalances, (ii) strengthening macroeconomic foundations and growth reforms in light of climate change and (iii) assessing labour productivity, technological development and demographic change.

This will be the first of four FWG meetings planned for the year. The remaining three meetings for this Working Group are scheduled for April, June and September, in person, in venues across the country. The outcomes of these meetings will inform discussions at the meetings of the Finance and Central Bank Deputies (FCBD) and Finance Ministers and Central Bank Governors (FMCBG).

South Africa assumed the G20 Presidency on 1 December 2024. The country will host the G20 Leaders' Summit later this year.

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