Finance chiefs from the Group of 20 emphasized the importance of central bank independence in a joint statement issued after a two-day meeting in Durban, South Africa.
The ministers and central bank governors pledged to continue data-driven policymaking and cooperation on global economic issues.
The communique, finalized without the participation of U.S. Treasury Secretary Scott Bessent, marked the first joint statement from the group since October 2024. The United States was represented by Michael Kaplan, acting under secretary of the Treasury for international affairs.
Bessent also missed the previous G20 finance meeting in Cape Town in February, despite the U.S. preparing to take over the G20 presidency in December.
The finance leaders agreed that central banks remain committed to price stability in line with their mandates and that independence is essential for achieving this goal. The topic gained attention after President Donald Trump criticized Federal Reserve Chair Jerome Powell over interest rates, which had unsettled financial markets.
South Africa’s deputy finance minister David Masondo said the communique reflected consensus on strategic macroeconomic issues. The statement also supported reform of the World Trade Organization and acknowledged its role in advancing trade.
The group committed to addressing debt challenges faced by low- and middle-income countries in a systematic way. South Africa, which holds the G20 presidency under the theme “Solidarity, Equality, Sustainability,” has focused on climate finance and the high cost of capital in developing nations.
The communique, while non-binding, signals progress after previous meetings failed to produce a unified position.
