G20 members hope to reach consensus on global financial reforms at Durban meeting

G20 members are hoping to find a consensus on global financial reforms, as the bloc’s finance and central bank deputies are meeting in Durban on Monday and Tuesday. 

Led by the current South African G20 presidency, the countries want to find new ways to lessen debt burdens and provide better financing for developing nations. 

"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", said Duncan Pieterse, the Director-General of the South African National Treasury.

African nations are calling for change.

High borrowing costs continue to deter investment and choke public spending on health, education, and infrastructure programmes. 

The goal of the meeting is also to look at "the causes of debt", according to Rashas Cassim, Deputy Governor of the South African Reserve Bank.

Developing nations argue that the current financial system is one of the reasons for persisting inequalities. 

"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", said Redge Nkosi, executive director at the Firstsource Money think thank.

African countries hope reforms could help achieve sustainable development goals. 

The G20 Finance Ministers and Central Bank Governors will meet in Durban on Thursday and Friday to pursue the discussion. 

But global disagreements could make any breakthrough difficult to achieve.

United States Treasury Secretary Scott Bessent will skip the upcoming meeting, amid tensions between Washington and the BRICS countries.