G20 issues Chair Summary highlighting global economic resilience amid risks

WASHINGTON (Reuters) -The Group of 20 (G20) Finance Ministers and Central Bank Governors concluded their fourth meeting under the South African Presidency in Washington, issuing a Chair Summary instead of a formal communique.

The summary has become a feature of multilateral meetings in which participants do not reach a formal consensus.

It underscored the resilience of the global economy while identifying key risks, including geopolitical tensions, supply chain disruptions, elevated debt levels, and severe weather events.

South Africa had hoped to make the G20 a platform for putting pressure on rich countries and this summary emphasised the need to address excessive imbalances.

"Given the challenges of high public debt and fiscal pressures, members acknowledged the importance of pursuing growth-oriented macroeconomic policies to enhance long-term growth potential," the statement said.

The group highlighted the need for strengthening multilateral coordination to address risks to the global economy and recognized the necessity for reforms at multilateral development banks to boost lending capacity while giving developing countries a greater voice in decision-making processes.

Debt transparency was also a recurring theme, with members calling for enhanced disclosures from all stakeholders, including private creditors.

(Reporting Andrea Shalal;Additional reporting by Kopano Gumbi;Writing by Sfundo Parakozov;Editing by Timothy Heritage and Diane Craft)

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