South Africa's G20 presidency this year will prioritise efforts to help developing countries finance their shift to a low-carbon economy, President Cyril Ramaphosa said, even as the United States radically scales back its support.

U.S. Federal Reserve Chair Jerome Powell, right, chats with a colleague at the G20 Finance Ministers and Central Bank Governors meeting in Cape Town, South Africa, Wednesday, Feb.

Finance ministers and central bank chiefs from the Group of 20 developed and developing nations gathered in South Africa on Wednesday for a two-day meeting marked by the absence of U.S. Treasury Secretary Scott Bessent and several other high-profile figures.

A meeting of finance ministers and central bankers from the Group of 20 nations in South Africa failed on Wednesday to come up with a joint communique, with a "chair's summary" issued by the host reiterating a commitment to resisting protectionism.

The erosion of multilateralism threatens global growth and stability, President Cyril Ramaphosa warned Wednesday at a G20 finance meeting in South Africa marked by the absence of the US treasury

Italy urged that there be no backtracking on a major international taxation agreement at the G20 talks in South Africa, Economy Minister Giancarlo Giorgetti said on Thursday, adding that unilateral approaches would discourage investment.

South Africa's President Cyril Ramaphosa, right, greets delegates at G20 Finance Ministers and Central Bank Governors meeting in Cape Town, South Africa, Wednesday, Feb. 26, 2025. (AP Photo/Nardus Eng

The erosion of multilateralism threatens global growth and stability, President Cyril Ramaphosa warned Wednesday at a G20 finance meeting in South Africa marked by the absence of the US Treasury

European finance ministers meeting in South Africa for a G20 gathering this week are discussing proposals including a European defence bank or a common fund with UK involvement, European officials said.

February 26, 2025. South African President Cyril Ramaphosa kicked off a gathering of the Group of 20 top economi

Finance ministers and central bank chiefs from the Group of 20 developed and developing nations gathered in South Africa on Wednesday for a two-day meeting marked by the absence of U.S. Treasury Secretary Scott Bessent and several other high-profile figures.

Finance ministers and central bankers from the G20 convened in South Africa, but key figures absences and deep divisions over climate, debt, and inequality overshadowed discussions. Japans Finance Minister Katsunobu Kato,