G20 finance chiefs will meet in Durban on Thursday under the shadow of US President Donald Trump’s tariff threats and questions about their ability to tackle global challenges together.
The club, which came to the fore as a forum for international co-operation to combat the global financial crisis, has for years been hobbled by disputes among key players exacerbated by Russia’s war in Ukraine and Western sanctions on Moscow.
Host South Africa, under its presidency motto “Solidarity, Equality, Sustainability”, has aimed to promote an African agenda, with topics including the high cost of capital and funding for climate change action.
The G20 aims to co-ordinate policies but its agreements are non-binding.
US treasury secretary Scott Bessent will not attend the two-day meeting of finance ministers and central bank governors, marking his second absence from a G20 event in South Africa this year.
A G20 delegate, who asked not to be named, said Bessent’s absence was not ideal but the US was engaging in discussions on trade, the global economy and climate language.
Finance ministers from India, France and Russia are also set to miss the Durban meeting.
Reserve Bank governor Lesetja Kganyago said representation was what mattered most