This is not only a strategic investment — it is one that can boost growth, create business opportunities, and reduce pressure on public budgets in key member states,” said Klingbeil.

U.S. Treasury Secretary Scott Bessent will skip the meeting altogether, opting to head to Japan instead, according to Reuters. South Africa is also subject to a new 30% tariff rate, the only country in sub-Saharan Africa to be singled out in the latest round of announcements.

DURBAN (Reuters) -G20 finance chiefs will meet in South Africa on Thursday under the shadow of President Donald Trump's tariff threats and questions over their ability to tackle global challenges together.

Addressing leaders at the G20 Finance Ministers and Central Bank Governors (FMCBG) meetings, the SARB Governor highlighted the systemic risks posed by the insurance gap.

DURBAN (Reuters) -G20 finance chiefs agreed a communique on Friday that underscored the importance of central bank independence and the role of the World Trade Organisation in advancing trade issues.

G20 chair South Africa warned Thursday that abandoning the rules-based global order and declining cooperation could derail 2030 development goals to end hunger, eradicate extreme poverty and fight climate change.

South Africa's Duncan Pieterse urges G20 to tackle multilateral system challenges, drive inclusive recovery, and strengthen global financial cooperation.

"The G20 was built around a presumption that all the world's major economies shared a common interest in a stable, relatively open global economy," said Brad Setser of the Council on Foreign Relations. "But Trump doesn't really care about stability and wants a more closed global economy."