CAPE TOWN, South Africa – The first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting of 2025 ended without a joint communique as participants failed to reach a consensus on key financial and economic issues.

The high-level meeting, held on February 26-27 in Cape Town, marked the first major gathering under South Africa’s G20 presidency. According to an official statement, while discussions covered global economic developments and multilateral cooperation, deep divisions prevented a unified declaration.

“The first G20 Finance Ministers and Central Bank Governors meeting took place under South Africa’s Presidency. There was no consensus for a communique,” the statement confirmed.

Several finance ministers, including those from India, China, Brazil, and Mexico, reportedly skipped the meeting, reflecting growing tensions in global financial cooperation, as earlier reported by the Financial Times.

Key agenda points included global economic risks, strengthening multilateral cooperation, and reforms within the international financial system. Delegates also reviewed the International Financial Architecture Working Group’s work plan and voiced support for the Financial Action Task Force (FATF) in countering money laundering, terrorist financing, and proliferation financing.

South Africa officially assumed the G20 presidency from Brazil in December 2024, making this an important diplomatic test for Pretoria’s leadership in global economic affairs.