South African President Kgalema Motlanthe, together with Finance Minister Trevor Manuel, will on Thursday depart for Washington where they will participate in the Group of 20 (G20) Summit.

The G20 Summit, hosted by United States President George W. Bush, is scheduled to take place on Friday and Saturday.

According to the Department of Foreign Affairs, President Motlanthe will lead the South African delegation to the Summit of the G20 within the context of South Africa’s priority to participate in the reformation of the global financial architecture.

The G20 finance process, which includes key developed and emerging market countries, was established in 1999 after the last financial crisis that had worldwide implications, the department said.

The summit is expected to review progress being made to address the current global financial crisis 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 G20 in São Paulo, Brazil on November 9, 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 G20 include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, 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 chairperson of the Financial Stability Forum. - BuaNews

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