First meeting of the G20 Finance Ministers and Central Bank Governors - 1st session: Framework working group

Your excellencies,

I want to begin by thanking South Africa for hosting us all in this beautiful city, and for putting the 4th International Conference on Financing for Development at the core of the discussions this week in Cape Town.

We often speak about financing FOR development. But there is another side to this coin - financing FROM development.

This relationship creates a virtuous cycle that builds productive capacity, creates jobs and spurs growth. But today this cycle is broken. At the center of this spiral is a world of low growth, high debt, high uncertainty, weak trade and low trust.

Excellencies,

The best solution for growth is both our own growth and the growth of our trading partners, like was said today by President Ramaphos. This is why G20 economic cooperation is more vital than ever. Because the greatest risk to growth is our failure to imagine a common future.

I thank you.