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G20 member States, under the leadership of South Africa’s 2025 presidency, are convening in Durban with the hope of reaching a consensus on urgent global financial reforms. The finance and Central bank deputies gathered on Monday and Tuesday to address pressing issues such as debt relief, development financing, and the restructuring of multilateral financial institutions.
South Africa’s Director-General of the National Treasury, Duncan Pieterse, underscored the country’s commitment to strengthening the G20’s role in building a resilient and inclusive international financial architecture. Central to the discussions are proposals aimed at enhancing debt sustainability, mitigating liquidity crises, and boosting support for developing nations through reformed multilateral development banks.
The calls for change are particularly strong from African countries, which argue that the current global financial system perpetuates inequality and underdevelopment. With soaring borrowing costs hampering investments in health, education, and infrastructure, leaders from the Global South are urging the G20 to address the root causes of debt. Rashas Cassim of the South African Reserve Bank and Redge Nkosi of Firstsource Money both stressed that the international financial order has exacerbated poverty and debt in the developing world. While the upcoming G20 Finance Ministers and Central Bank Governors’ meeting, scheduled for Thursday and Friday, aims to push these reforms forward, progress may be hindered by geopolitical tensions—especially with U.S. Treasury Secretary Scott Bessent set to skip the talks amid ongoing friction between Washington and BRICS nations.
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