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The South African
4 days ago
- Business
- The South African
G20 members commit to addressing debt vulnerabilities
Members of the G20 have pledged to address the mounting debt pressures in low and middle-income economies amid global financial turbulence. Image: SAgovnews Home » G20 members commit to addressing debt vulnerabilities Members of the G20 have pledged to address the mounting debt pressures in low and middle-income economies amid global financial turbulence. Image: SAgovnews Members of the G20 have pledged to address the mounting debt pressures in low and middle-income economies amid the global financial is according to Deputy Finance Minister Dr David Masondo who addressed a media briefing following the third G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting held in KwaZulu-Natal this and emerging economies – particularly those in Africa – are grappling with high and rising debt vulnerabilities, shrinking fiscal flexibility and high borrowing costs.'[Members]… reaffirmed their commitment to further strengthen the implementation of the G20 Common Framework. To give effect to this, the G20 FMCBG endorsed the G20 Note on Lessons Learned from the Initial Common Framework Cases and the G20 Note on Steps of a Debt Restructuring under the Common Framework. 'These documents have been published on the G20 website. In addition, fact sheets on the Common Framework country cases for Chad, Zambia and Ghana have also been published on the G20 and Paris Club websites to improve information sharing,' he said. In further discussions, the members also acknowledged the G20 Note on Special drawing rights [SDRs] which, the Deputy Minister said, 'highlights the achievement of exceeding $100 billion in voluntary channelling of SDRs or equivalent contributions for countries in need.'The pledges to this currently stand at some $113.8 billion coming from 35 countries. 'Members also underscored the need for enhancing the representation and voice of developing countries in decision-making in MDBs [Multilateral Development Banks]and other international economic and financial institutions.'Members recognised the relative resilience of capital flows in Emerging Market and Developing Economies [EMDEs] despite heightened global policy uncertainty – underscored by strong macroeconomic fundamentals and sound policy frameworks. 'They also highlighted the growing influence of non-bank financial institutions [NBFIs] and stressed the importance of gaining a deeper understanding of their impact on these flows. Members further emphasised the significance of structural reforms in fostering long-term sustainable capital flows to EMDEs,' said the Deputy Minister. Regarding energy transitions, Masondo said during the meeting, Ministers and central bank Governors considered key recommendations for 'enhancing collaboration among Vertical Climate and Environment Funds, Multilateral Development Banks, National Development Banks and the private sector'.'Members reaffirmed the urgency of scaling up financing for adaptation and just transitions and reflected on key recommendations emerging from a comprehensive analysis undertaken by multiple knowledge partners. These included guidance on integrating adaptation into voluntary transition planning, addressing insurance protection gaps, scaling financing mechanisms, and strengthening enabling environment.'[They] also received an update on the work of the Climate Data Steering Committee, which has developed a set of principles for the development of a Common Carbon Credit Data Model aimed at promoting interoperability and improving transparency of carbon markets. 'They noted that the draft data model is currently undergoing a public consultation with both the private and public sectors,' the Deputy Minister said. The Third Meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) took place on 17 and 18 July 2025 in Durban. The National Treasury and the South African Reserve Bank are jointly responsible for overseeing the work of the G20 Finance Track under the co-chairship of Finance Minister Enoch Godongwana and Reserve Bank Governor Lesetja Kganyago. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
India Gazette
07-07-2025
- Business
- India Gazette
Nirmala Sitharaman highlights India's strong economic resilience at BRICS
Rio de Janeiro [Brazil], July 7 (ANI): Speaking at the BRICS Finance Minister and Central Bank Governors meeting, Finance Minister Nirmala Sitharaman highlighted India's demonstrated resilience through a combination of strong domestic demand, prudent macroeconomic management, and targeted fiscal measures. The finance minister, as part of her intervention at the meeting, said that India's policy response to trade and financial restrictions has focused on diversifying markets, promoting infrastructure-led growth, and implementing structural reforms aimed at boosting competitiveness and productivity. The Union Finance Minister underlined India's view that BRICS is a vital platform for advancing inclusive multilateralism, especially when global institutions are facing a crisis of legitimacy and representation -- BRICS must lead by example by reinforcing cooperation, advocating credible reforms, and amplifying the voice of the Global South. Finance Minister Sitharaman also said that while South-South cooperation remains vital in advancing climate and development goals, the Global South should not be expected to carry the main burden of climate action, and BRICS countries are well placed to deepen cooperation on sustainable development. According to the joint statement put out on Sunday, hours before the Summit, the Finance Ministers and Central Bank Governors of the BRICS countries have called on advanced economies and the international financial system to provide 'substantial' finance for climate mitigation in developing economies. '...We call on advanced economies and other relevant actors in the international financial system as well as the private sector to provide substantial finance for climate actions in developing countries, including by expanding concessional finance and increasing private capital mobilisation,' the joint statement read. 'Given the significant adaptation needs of EMDEs (Emerging Market and Developing Economies), we call on international financial institutions to scale up support for adaptation and to help create an enabling environment that encourages greater private sector participation in mitigation efforts,' the joint statement continued. India, a BRICS member, has always been vocal about climate finance arrangements, primarily from the developed countries that are huge carbon emitters. India continued to be vocal about the need for adequate finance, particularly for the Global South. Climate finance typically refers to any financing that seeks to support mitigation and adaptation actions that will address climate change. Developing countries have been of the view that developed nations bear a greater historical responsibility for emissions and should take the lead in mitigation and finance. Finance Ministers and Central Bank Governors of the BRICS countries had gathered in Rio de Janeiro, Brazil, on July 5, 2025, under the theme 'Strengthening Global South Cooperation for More Inclusive and Sustainable Governance'. BRICS member countries encompass almost half of the world's population, spreading across four continents, and their economies account for nearly 40 per cent of global Gross Domestic Product. (ANI)
Time of India
07-07-2025
- Business
- Time of India
Nirmala Sitharaman highlights India's strong economic resilience at BRICS
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Economy 1. Gold loan sees fastest growth in overall securitisation volume in June quarter Speaking at the BRICS Finance Minister and Central Bank Governors meeting, Finance Minister Nirmala Sitharaman highlighted India's demonstrated resilience through a combination of strong domestic demand, prudent macroeconomic management, and targeted fiscal finance minister, as part of her intervention at the meeting, said that India's policy response to trade and financial restrictions has focused on diversifying markets, promoting infrastructure-led growth, and implementing structural reforms aimed at boosting competitiveness and Union Finance Minister underlined India's view that BRICS is a vital platform for advancing inclusive multilateralism, especially when global institutions are facing a crisis of legitimacy and representation -- BRICS must lead by example by reinforcing cooperation, advocating credible reforms, and amplifying the voice of the Global Minister Sitharaman also said that while South-South cooperation remains vital in advancing climate and development goals, the Global South should not be expected to carry the main burden of climate action, and BRICS countries are well placed to deepen cooperation on sustainable to the joint statement put out on Sunday, hours before the Summit, the Finance Ministers and Central Bank Governors of the BRICS countries have called on advanced economies and the international financial system to provide "substantial" finance for climate mitigation in developing economies."...We call on advanced economies and other relevant actors in the international financial system as well as the private sector to provide substantial finance for climate actions in developing countries, including by expanding concessional finance and increasing private capital mobilisation," the joint statement read."Given the significant adaptation needs of EMDEs (Emerging Market and Developing Economies), we call on international financial institutions to scale up support for adaptation and to help create an enabling environment that encourages greater private sector participation in mitigation efforts," the joint statement a BRICS member, has always been vocal about climate finance arrangements, primarily from the developed countries that are huge carbon emitters. India continued to be vocal about the need for adequate finance, particularly for the Global finance typically refers to any financing that seeks to support mitigation and adaptation actions that will address climate countries have been of the view that developed nations bear a greater historical responsibility for emissions and should take the lead in mitigation and Ministers and Central Bank Governors of the BRICS countries had gathered in Rio de Janeiro , Brazil, on July 5, 2025, under the theme "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance".BRICS member countries encompass almost half of the world's population, spreading across four continents, and their economies account for nearly 40 per cent of global Gross Domestic Product.
India Gazette
06-07-2025
- Business
- India Gazette
At Rio de Janeiro, BRICS nations unite, seeking climate finance from developed economies
Rio de Janeiro [Brazil], July 6 (ANI): BRICS member nations have called on advanced economies and the international financial system to provide 'substantial' finance for climate mitigation in developing economies. '...We call on advanced economies and other relevant actors in the international financial system as well as the private sector to provide substantial finance for climate actions in developing countries, including by expanding concessional finance and increasing private capital mobilization,' Finance Ministers and Central Bank Governors of the BRICS countries have said in a joint statement Sunday, just ahead of the Summit. 'Given the significant adaptation needs of EMDEs (Emerging Market and Developing Economies), we call on international financial institutions to scale up support for adaptation and to help create an enabling environment that encourages greater private sector participation in mitigation efforts,' the joint statement continued. BRICS members acknowledged the need to address structural challenges stemming from climate change and energy transitions, biodiversity and nature conservation, among others. 'We reaffirm that predictable, equitable, accessible, and affordable climate finance is indispensable for just transitions, in line with country circumstances and development priorities, and for meeting the goals of the UNFCCC and its Paris Agreement,' the joint statement read. India, a BRICS member, has always been vocal about climate finance arrangements, primarily from the developed countries that are huge carbon emitters. India continued to be vocal about the need for adequate finance, particularly for the Global South. Climate finance typically refers to any financing that seeks to support mitigation and adaptation actions that will address climate change. Developing countries have been of the view that developed nations bear a greater historical responsibility for emissions and should take the lead in mitigation and finance. Further in the joint statement, referring to the current context of uncertainty and volatility, the BRICS member nations asserted that the International Monetary Fund (IMF) must remain adequately resourced and agile, at the centre of the global financial safety net (GFSN), to effectively support its members, particularly the most vulnerable countries. BRICS members also welcomed the New Development Bank's steady expansion of its capacity to mobilize resources, foster innovation, expand local currency financing, diversify funding sources, and support impactful projects that advance sustainable development, reduce inequality, and promote infrastructure investments and economic integration. 'As the New Development Bank is set to embark on its second golden decade of high-quality development, we recognise and support its growing role as a robust and strategic agent of development and modernisation in the Global South,' the joint statement read. In conclusion, BRICS members affirmed they will continue the work throughout the second half of 2025 to advance the initiatives and further strengthen coordination with a view to ensuring a smooth transition and continued momentum under the Indian Presidency in 2026. Finance Ministers and Central Bank Governors of the BRICS countries gathered in Rio de Janeiro, Brazil, on July 5, 2025, under the theme 'Strengthening Global South Cooperation for More Inclusive and Sustainable Governance'. BRICS member countries encompass almost half of the world's population, spreading across four continents, and their economies account for nearly 40 per cent of global Gross Domestic Product (GDP). BRICS economies have become more integrated into the world economy and now represent about a quarter of global trade and investment flows. The joint statement asserted that they recognise that more needs to be done to ensure that the benefits of globalisation, economic growth and productivity spread more equally to all. Total international trade (exports plus imports) of BRICS countries stood at USD 10.5 trillion in 2024 and has increased at a 7.9 per cent CAGR between 2020 and 2024, according to a report by Rubix Data Sciences -- a leading provider of risk management and monitoring solutions. BRICS nations are net exporters, collectively exporting more goods than they import, reflecting their strong production capacities and growing influence in global trade. (ANI)
Time of India
06-07-2025
- Business
- Time of India
Brics climate demand: Bloc seeks concessional climate finance from West, backs IMF reforms and NDB's growing role
Brics nations on Sunday jointly called on advanced economies, global financial institutions and the private sector to provide 'substantial' climate finance for developing countries, asserting the need for predictable, equitable, and affordable funding to meet the goals of the Paris Agreement and the UNFCCC. In a joint statement released after the meeting of Finance Ministers and Central Bank Governors in Rio de Janeiro, the group said, 'We call on advanced economies and other relevant actors in the international financial system as well as the private sector to provide substantial finance for climate actions in developing countries, including by expanding concessional finance and increasing private capital mobilization. ' The Brics bloc—Brazil, Russia, India, China and South Africa—said international financial institutions must scale up support for climate adaptation and help create enabling environments for greater private sector participation in climate mitigation efforts. 'Given the significant adaptation needs of EMDEs (Emerging Market and Developing Economies), we call on international financial institutions to scale up support for adaptation,' the joint statement said, as reported by ANI. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo India has been consistently vocal about the need for adequate climate finance from developed countries, particularly for the Global South. Climate finance refers to any funding—public or private—that supports mitigation and adaptation efforts to counter climate change. Developing nations argue that industrialised countries, with their greater historical carbon emissions, bear the primary responsibility for mitigation and should lead the way in providing climate funding. The ministers also underlined the need to address long-term challenges arising from climate change, biodiversity loss, energy transition and conservation. They reaffirmed that equitable and affordable finance is critical for achieving a just transition and sustainable development tailored to national circumstances. Apart from climate financing, Brics members highlighted the importance of bolstering global financial safety nets and the role of the International Monetary Fund ( IMF ) in supporting vulnerable economies. 'We assert that the IMF must remain adequately resourced and agile, at the centre of the global financial safety net (GFSN), to effectively support its members, particularly the most vulnerable countries,' the joint statement said. The Brics group also reiterated support for the New Development Bank (NDB), which it said had steadily expanded its resource mobilisation and local currency lending. 'As the New Development Bank is set to embark on its second golden decade of high-quality development, we recognise and support its growing role as a robust and strategic agent of development and modernisation in the Global South,' the statement said, according to ANI. The statement noted that the Brics economies have become significantly more integrated into global trade and investment flows, collectively representing nearly 40% of global GDP and accounting for almost a quarter of the world's trade and capital movement. Brics countries are net exporters, reflecting strong industrial capacity and growing influence in global markets. Data cited from Rubix Data Sciences showed total international trade of Brics countries stood at $10.5 trillion in 2024, having grown at a compound annual growth rate (CAGR) of 7.9% between 2020 and 2024. The bloc includes nearly half the world's population and spans four continents. The meeting in Brazil took place under the theme 'Strengthening Global South Cooperation for More Inclusive and Sustainable Governance'. The group pledged to carry forward its initiatives through the second half of 2025 and ensure a smooth transition to India's presidency of Brics in 2026. 'We recognise that more needs to be done to ensure that the benefits of globalisation, economic growth and productivity spread more equally to all,' the Brics ministers said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
