President Motlanthe to depart for G-20 Summit, Washington, 14-15 November 2008

Pretoria – South African President Kgalema Motlanthe, supported by Minister Trevor Manuel, will on Thursday 13 November 2008 depart for Washington where he will participate in the Group of 20 (G-20) Summit hosted by the President of the USA George Bush scheduled from Friday – Saturday 14-15 November 2008.

President Motlanthe will lead the South African delegation to the Summit of the G-20 within the context of South Africa’s priority to participate in the reformation of the global financial architecture.  In this regard, the G-20 finance process, which includes key developed and emerging market countries, was established in 1999, after the last financial crisis that had worldwide implications.

The Summit is expected to review progress being made to address the current global financial crisis, advance a common understanding of its course, and agree on a common set of principles for reform of the regulatory and institutional regimes for international financial sectors.  Leaders will also discuss the effects of the crisis on emerging economies and developing nations.

The Washington meeting follows that of the Finance Ministers and Central Bank Governors of the G-20 in São Paulo, Brazil on Sunday 9 November 2008 during which the causes of and policy responses to the global financial crisis was discussed and perspectives on scenarios going forward shared.  The meeting focused on ensuring financial stability, supporting global growth and maintaining recent achievements in poverty reduction and social inclusion.

Members of the G-20 include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union and are expected to discuss financial markets and the global economy.  The meeting will also be attended by the Managing Director of the International Monetary Fund, the President of the World Bank, the United Nations Secretary-General, and the Chairman of the Financial Stability Forum.

Issued by Ronnie Mamoepa on 082 990 4853

Department of Foreign Affairs
Private Bag X152
Pretoria
0001

12 November 2008