Finance Deputy Minister Nhlanhla Nene will lead a South African delegation to the G20 meeting of finance ministers and central bank governors this coming weekend.
"Our delegation will draw attention to the need for greater care in ensuring clear and consistent communication of policy actions by the very large economies. Recent events have demonstrated how financial markets, as one of the channels through which the interconnectivity of global economies takes place, can affect stability in emerging economies," said the
The South African delegation will join fellow G20 member-countries in
This weekend's meeting is an opportunity for G20 members to discuss the challenges of how to resolve the after-effects of the global financial crisis which began in 2008. The global economy is yet to fully recover from the crisis, noted the ministry.
Investment in infrastructure, how to build common growth strategies, a package of changes to financial sector regulation and a global standard on the automatic exchange of tax information and the next steps on the IMF reform agenda are among the issues tabled for discussion at the meeting.
Though the recent performance of the US and Eurozone economies shows promise, the global economy remains constrained by weak global aggregate demand and underinvestment, both of which are important for sustainable global growth.
"We will therefore, reiterate concerns that the IMF reform process has failed to improve the representation of sub-Saharan Africa in the IMF and that no action has been taken to address the steady erosion of the voting share of this region during the previous round of governance (Executive Board) reforms," explained the ministry.
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