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South Africa: G20 members aim for consensus on global financial architecture reforms

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Members of the G20 hope to reach a consensus on reforms in the global financial architecture, which seek to alleviate debt burdens and provide better financing for developing nations. G20 finance and central bank deputies are meeting in Durban from Monday to Tuesday against a backdrop of rising global tensions and economic uncertainty. For South Africa, which leads the G20 this year, the focus is on ensuring that sustainable development goals are not derailed by the worrying developments. African nations are calling for change. High borrowing costs continue to deter investment and choke public spending on health, education, and infrastructure programmes. The Global South is also pushing for practical reforms to ease the burden on developing nations, tackling a financial system many believe entrenches inequality. But geopolitical trade tensions, conflict and disagreements over climate action could test unity during these talks. Cassim said countries may have differences on whether the wars or the conflicts in the Middle East, Russia, Ukraine have an impact on the economy. He also emphasized climate change and other areas are highly contested. South Africa is hoping for a breakthrough in Durban. A previous G20 finance meeting in February failed to produce a key communique, the statement that reflects members' shared positions and outlines the policy recommendations. Shotlist: Durban, South Africa - July 14, 2025: 1. Logo of G20 2025; 2. Various of attendees at venue of G20 finance ministers, central bank governors meeting; 3. Screen showing logo of G20 2025; 4. Various of attendees; meeting in progress; 5. SOUNDBITE (English) Duncan Pieterse, director-general, National Treasury, South Africa (starting with shot 4): "Our presidency places a very strong emphasis on strengthening the role of the G20, delivering concrete solutions, fostering a more stable and effective, resilient international financial architecture, enhancing debt sustainability, addressing liquidity challenges, as well as strengthening multilateral development banks and ensuring financing for development."; 6. Sign showing theme of G20 2025 -- "Solidarity, Equality, Sustainability"; 7. Attendees; FILE: South Africa - Date Unknown 8. Ambulance; 9. Children; 10. Building under construction; Durban, South Africa - July 14, 2025 11. SOUNDBITE (English) Rashad Cassim, deputy governor, South African Reserve Bank (starting with shot 10): "One of the things we want to bring to light in this meeting is it's really kind of not only look at the symptoms of debt, but the causes of debt, and to provide, you know, more runway than our predecessors have done in taking the debt issues further."; FILE: South Africa - Date Unknown 12. Various of residents waiting in line to draw money from ATM machines; 13. Pedestrians; Durban, South Africa - July 14, 2025 (CGTN - No access Chinese mainland) 14. SOUNDBITE (English) Redge Nkosi, executive director, Firstsource Money (starting with shot 13): "This global financial architecture is the one behind the current debt crisis that we find ourselves in, the poverty that the developing world finds itself in and much of the economic challenges that haunt the rest of the Global South."; 15. Various of attendees, taking notes; 16. Flags of participating countries; 17. Logo of G20 2025. [Restriction - No access Chinese mainland]

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