A more streamlined G20 process would be in line with Bessent's call in April for the International Monetary Fund and World Bank to focus on their core missions of financial stabil

At the G20 meeting in Durban, Canada's finance minister emphasized the need to combat the prevailing uncertainty caused by trade restrictions and tariffs. With discussions overshadowed by U.S. policies,

"The G20 was built around a presumption that all the world's major economies shared a common interest in a stable, relatively open global economy," said Brad Setser of the Council on Foreign Relations. "But Trump doesn't really care about stability and wants a more closed global economy."

Group of 20 finance officials meet in South Africa from Thursday amid trade tensions, a global economic slowdown and Washington's threat to withdraw from multilateral organisations. President Cyril Ramaphosa has sought to leverage Africa's first G20 presidency to promote an African agenda,

National Treasury said that finance ministers and central bank governors were on the brink of reaching consensus as fiscal and monetary policy leaders meet for a third time under South Africa’s G20 presidency.

Treasurers, finance ministers and central bank governors are currently gathering in South Africa for G20 Finance Ministers and Central Bank Governors meetings.

In opening remarks, South Africa's Finance Minister Enoch Godongwana said the G20 must provide strategic global leadership, cooperation and action in the face of complex challenges.

Delivering the opening remarks at the 3rd G20 Finance Ministers and Central Bank Governors Meeting, held in KwaZulu-Natal, Godongwana called for unity, decisive policymaking, and a commitment to inclusive multilateralism.