1st Finance Ministers and Central Bank Governors Meeting
Cape Town, South Africa
26-27 February 2025
The first G20 Finance Ministers and Central Bank Governors meeting (FMCBG) took place on February 26 and 27, 2025, in Cape Town under South Africa’s Presidency. MCCI is summarizing the global outlook from the Chair’s summary of the meeting.
They discussed support for the G20 South African Presidency and discussed international policy cooperation to further promote global prosperity and address key shared challenges.
Global Economic Outlook
While global economic growth has been generally subdued, many parts of the world have shown resilience, and some upside risks could materialize. However, growth patterns remain divergent across economies. The need for evidence-based and comprehensive assessment of risks to growth and inflation, and for discussion of macroeconomic policy and cooperation, while respecting country-specific circumstances. Continued efforts to monitor and assess global macroeconomic risks and vulnerabilities.
International Financial Architecture
Focus on four priority areas: (i) Strengthening Multilateral Development Banks (MDBs) and ensuring financing for development; (ii) Enhancing debt sustainability and addressing liquidity challenges; (iii) Strengthening the Global Financial Safety Net (GFSN) and reforming global governance institutions; and (iv) Enhancing financial resilience by strengthening capital flows to emerging market and developing economies (EMDEs).
Sustainable Finance
Reaffirmed the G20’s efforts to continue the implementation of the G20 Sustainable Finance Roadmap, which is voluntary and flexible in nature, and the Sustainable Finance Working Group’s work programmed for 2025.
Infrastructure
Recognized that increasing quality infrastructure investment is critical to support faster, inclusive and sustainable economic growth and development.
Financial Sector Issues
Recalled the G20 commitment to ensure a resilient, inclusive, and stable financial system through the consistent, full and timely implementation of agreed international reforms and standards, including all aspects of the Basel III framework.
Financial Inclusion
Recognized the progress in financial inclusion and reaffirmed the need to swiftly integrate the remaining 1.5 billion unbanked individuals into the formal financial sector globally.
International Taxation
Welcomed the broad support for continuing discussions on the international tax agenda. Raised the issue that developing countries are struggling to mobilize domestic resources and benefit from international tax reforms.
Joint Finance and Health Task Force
Recognizing the high potential impact of health risks on the global economy and building on the legacy of previous G20 Presidencies
Members interested in the document, is welcome to contact Anna-Marth Ott at ceo@middelburgchamber.com for a copy of the document.