Finance ministers and central bank chiefs from the Group of 20 developed and developing nations gathered in South Africa on Wednesday for a two-day meeting marked by the absence of U.S. Treasury Secretary Scott Bessent and several other high-profile figures.

South Africa's G20 presidency this year will prioritise efforts to help developing countries finance their shift to a low-carbon economy, President Cyril Ramaphosa said, even as the United States radically scales back its support.

Meanwhile, the UAE participated in the second G20 Finance and Central Bank Deputies (FCBD) meeting under the South African Presidency of the G20, which was held in Cape Town from 24-25 February, to discuss the priorities set forward by the South African Presidency for the Finance Track for 2025.

President Cyril Ramaphosa has formally opened the G20 Finance Ministers, and Central Bank Governors' meeting in Cape Town this Wednesday 26 February.