G20’s Compact with Africa launched with widespread support

22 March 2017

Clear support emerged last week from Group of 20 (G20) members’ Finance Ministers and central bank governors for the broadening of international economic and financial cooperation with African countries to “foster sustainable and inclusive growth” in line with the African Union’s Agenda 2063.

At the G20 meeting last week in Germany, the convened governors and Ministers, which included South African Finance Minister Pravin Gordhan and Reserve Bank governor Lesetja Kganyago, “substantially backed” the G20 Compact with Africa for Resilience and Growth (CwA), a newly launched framework for regional economic and financial stability in Africa.

African Ministers from Côte d’Ivoire, Morocco, Rwanda, Senegal and Tunisia were invited to the G20, where they each delivered presentations on their country’s macroeconomic environment, reform initiatives and investment projects.

In addition to the G20 CwA, the G20 Ministers and governors had gathered to discuss the global economic outlook; the framework for strong, sustainable and balanced growth; international financial architecture; financial sector development and regulation; international tax; and other global governance topics.

G20 Finance Ministers and central bank governors will next meet at the Spring Meetings of the World Bank and IMF in Washington DC, in April. 

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