G-20 Finance Ministers Meeting in South Africa on November Focuses on Debt Relief

Finance ministers and central bank chiefs from the Group of 20 (G-20) nations convened in Cape Town, South Africa, in November, for a two-day meeting. South Africa, holding the G-20 presidency, prioritized issues affecting poorer countries, such as debt relief and climate change. The meeting aimed to forge consensus on building a more resilient, sustainable, and equal global economy. Key priorities included strengthening resilience to climate-related disasters, addressing debt burdens, mobilizing green energy finance, and utilizing critical minerals for developing countries' benefit. Despite the absence of some high-profile figures, including the U.S. Treasury Secretary, U.S. Federal Reserve Chair Jerome Powell and European Central Bank President Christine Lagarde were present. The meeting occurred amid global concerns about worsening debt problems, as highlighted by a UN Development Program report. Analysts also emphasized the G-20's role in revitalizing the climate agenda. The G-20 represents over two-thirds of the world's population and approximately 80% of global GDP. The summit hopes to address critical global economic challenges and promote sustainable development.