Business & Technology News

G20 finance meeting ends without consensus or communique

 Cape Town International Convention Centre that hosted the G20 Finance Ministers conference

February 28 – The Group of 20 Finance Ministers’ conference on global economic issues has ended in Cape town Thursday with the host, South Africa expressing disappointment that the talks ended without consensus, after top officials from several countries skipped it and delegates remained far apart on issues such as climate finance.

The two-day G20 meeting of finance ministers and central bankers failed to come up with a joint communique. However a “chair’s summary” issued by the host said participants “reiterated the commitment to resisting protectionism.”

The summary added they had “supported a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system,” using several words the Trump administration has already strongly objected to.

South Africa had hoped to make the G20 a platform for putting pressure on rich countries to do more to tackle climate change, to give more towards poorer countries’ transitions to green energy and to reform a financial system that favours investment banks at the expense of poor sovereign debtors.

But the talks were overshadowed by the absence of several key finance chiefs – such as from the United States, China, India and Japan – and foreign aid cuts by major economies like the United States and Britain, against a backdrop of rising geopolitical tensions.

South African Finance Minister Enoch Godongwana said he was “not happy” the G20 meeting could not issue a joint communique.

Bank of Japan Governor Kazuo Ueda told reporters after the meeting that “the broader G20 view was that if downside risks like geopolitical tension and supply chain disruptions materialize, that could hamper the G20 goal of achieving sustainable, balanced global growth.”

G20 countries account for 85% of global gross domestic product and 75% of international trade. The grouping was formed in response to the 1999 Asian financial crisis to improve cooperation in addressing shocks across national borders.

Related posts

Taxi Drivers Seek Gen Salim Saleh’s Intervention Amid Job Security Concerns

Dean Lubowa Saava

TAX PUZZLE: How Rajiv Ruperalia Survived a 1.1trn URA Tax Tribunal Bill While KFC was Condemned to 16bn

Cathy Mirembe

Museveni Intervenes to Save Aponye Empire from Collapsing Two Years After Founder’s Death

Dean Lubowa Saava

NAM SUMMIT: THE VICE PRESIDENT OFFICIALLY OPENS THE NAM MINISTERIAL MEETING

Dean Lubowa Saava

Conspiracy theories of corruption within Uganda revenue authority (URA).

admin

THE IMPLICATIONS THAT COME WITH THE MONETISATION OF OUR POLITICS.

Dean Lubowa Saava

Bukedea’s Sports Revolution: Speaker Among’s Multibillion Facility to Host FEASSA Games and Nurture Ugandan Talent.

Dean Lubowa Saava

Drought Hits Hard: Ankore SACCOs Struggle with Loan Defaults

Ssekanyumiza Amansa Bwino

President Museveni Urges PDM Beneficiaries to Embrace Economic Empowerment

Barbra Zeka

TRANSFERRING TALENT INTO SERIOUS BUSINESS IDEAS.

admin

Leave a Comment