Government assigns funding for G20 Summit

With South Africa assuming the G20 Presidency later this year, government will assign additional funding to those departments that will be involved in the preparations. 'This is a rare opportunity that only comes around every 20 years. We intend to use our voice to promote a truly Africa-focused agenda,' Finance Minister Enoch Godongwana said on Wednesday in Parliament when tabling the Medium-Term Budget Policy Statement (MTBPS). South Africa will hold the G20 Presidency from 1 December 2024 to 30 November 2025. The G20 brings together the countries with the largest economies in the world. The Member States meet annually to discuss economic, political and social initiatives. 'Various government departments and institutions will be involved, with National Treasury and the Reserve Bank leading the finance track, and the Department of International Relations and Cooperation leading the Sherpa track. 'Examples of key topics already selected include accelerating human capital development in the context of ar tificial intelligence, migration, technology, education and skills gaps; strengthening multilateral development banks to support the development of poorer countries, and financing climate-resilient infrastructure. "These and other priorities will anchor South Africa's contribution to the global policy agenda,' the National Treasury's document on the 2024 MTBPS said. South Africa will assume the presidency of the G20 from Brazil. It will be held under the theme: 'Solidarity, Equality and Sustainable Development'. 'Our presidency is the fourth consecutive one where an emerging economy will lead the forum that influences global economic issues,' the Minister said. Source: South African Government News Agency