President Motlanthe departs for G20

Tuesday, March 31, 2009
By: 
Bathandwa Mbola

Pretoria - President Kgalema Motlanthe is to depart for London on Tuesday to join world leaders at the G20 Summit in London scheduled for Thursday.

South Africa's participation at the London G20 Summit takes place within the context of its continued commitment to the reformation of the global financial architecture.

As the only African country in the G20, South Africa has consistently stressed that a global response is required to mitigate the impact of the crisis and prevent its spreading to emerging markets and developing countries, in particular Africa, said the Department of Foreign Affairs.

The Group of 20 is a group of the world's most powerful countries that together represent about 85 percent of the world's economy.

The world leaders will be expected to stamp out a plan to restore global growth development based on four pillars, including stabilising global finance, counter the global recession by boosting domestic demand, ensuring that the global economy remains open for trade and capital flows; and deploying resources to support demand and sustain investment in developing countries.

During this summit, President Motlanthe will be supported by the Finance Minister, Trevor Manuel, National Treasury Director General, Lesetja Kganyago and senior government officials.

The Ethiopian Prime Minister and Chair of the New Partnership for Africa's Development (NEPAD), Meles Zenawi and the African Union Commission Chairperson, Jean Ping will also attend the summit.

The G20 Summit is a platform enabling important industrialized and developing economies to discuss key global economic issues and engage in dialogue on national policies, international co-operation and international financial institutions.

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