The first G20 Finance Ministers and Central Bank Governors meeting has not resulted in any communique as the participants failed to agree on a number of issues, according to a joint statement released on Thursday.
"The first G20 Finance Ministers and Central Bank Governors meeting (FMCBG) took place on February 26 and 27, 2025, in Cape Town under South Africa’s Presidency. There was no consensus for a communique," the statement read.
The participants reaffirmed the role of the G20 as the leading forum for international economic cooperation, exchanged views on the global economic development, emphasizing the importance of strengthening multilateral cooperation to eliminate existing and emerging risks to the global economy, according to the statement.
The participants also discussed the work plan of the International Financial Architecture Working Group and expressed their support for the activities of the Financial Action Task Force in overseeing the implementation of the banking standards to counter money laundering, terrorist financing and proliferation financing, the statement read.
In December 2024, South Africa took over the G20 presidency from Brazil.