SA supports commitments to economic recovery

By Khanyisa Tabata
07 September 2009

South African government has expressed its support for the commitments made at the G20 meeting of Finance Ministers and Bank Governors held in London over the weekend.

One of the commitments that were made is the decision to implement the April 2008 quota reform package and to improve the quota share of emerging countries in both the International Monetary Fund and the World Bank.

South Africa also supports the expansion of credit facilities including the introduction of the Flexible Credit Line and a more flexible range of instruments for low-income countries.

The G20 has reaffirmed that collective and coordinated efforts will be needed globally to ensure sustainable growth, and to build a stronger and more effective international financial system.

The G20 meeting was attended by Finance Minister Pravin Gordhan and Deputy Governor of the Reserve Bank, Renosi Mokate.

The meeting noted that there were hesitant signs of recovery in the global economy, although it was uneven across countries and regions.

The meeting reviewed the latest data on the state of the world economy and concluded that stimulus packages should remain in place until recovery is secured.