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G20 finance chiefs back central bank independence in first communique since October
SOUTH AFRICA, JUL 18 – Germany committed €10 million to support development finance and address debt vulnerabilities in low- and middle-income countries, announced during the G20 Finance Ministers meeting.
- Leaders responsible for fiscal policy and monetary authority from G20 nations reached consensus on a final communique during their meeting on 18 July 2025 in Durban, South Africa.
- The agreement followed earlier failures to reach a joint stance in February and reflects South Africa's leadership and priorities to support African development.
- The communique highlighted the importance of central bank autonomy, committed to thorough measures addressing debt challenges faced by low- and middle-income nations, and emphasized collaborative efforts amid ongoing global financial uncertainties.
- According to reports, South Africa’s deputy finance minister confirmed that all participants agreed on the communique, which emphasized key macroeconomic priorities and included commitments exceeding $113 billion from 35 countries.
- The communique marks progress for G20 cooperation under South Africa’s presidency, highlighting ongoing challenges and the importance of sustained political and financial commitments.
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35 Articles
G20 members commit to addressing debt vulnerabilities
Members of the G20 have pledged to address the mounting debt pressures in low and middle-income economies amid the global financial turbulence.This is according to Deputy Finance Minister Dr David Masondo who addressed a media briefing following the third G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting held in KwaZulu-Natal this week.Developing and emerging economies – particularly those in Africa – are grappling with high and r…
The finance ministers of the 20 leading industrial and emerging countries have surprisingly agreed on a joint declaration at the end of their meeting in the South African Durban. The paper states that the global economy is facing complex challenges and is facing strong uncertainties.
G20 finance chiefs back central bank independence in first communique since October
Finance chiefs from the Group of 20 countries stressed the importance of central bank independence while pledging to boost cooperation in a joint statement issued on Friday after a two-day meeting in South Africa.
This statement, signed by the United States, comes after renewed criticism by US President Donald Trump against the President of the US Federal Reserve (Fed), Jerome Powell.
G20 finance ministers meeting in South Africa wants to save multilateralism and plug holes torn by the US. However, the conflicts of interest remain large.
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