The US would cut G-20 finance sessions during its leadership
Washington is poised to take on the role of chair for the Group of 20, with plans to decrease the frequency of meetings among finance chiefs, according to sources. This decision appears to be aimed at simplifying the multilateral process. The US intends to skip hosting a G-20 meeting of finance ministers and central bank governors that is usually scheduled for February, according to sources. A White House official confirmed that a meeting is scheduled for February, which will include the deputy finance ministers. The G-20 framework typically involves numerous working-level and ministerial discussions that lead to a summit of leaders. The finance ministers usually convene twice in the host country and twice during the International Monetary Fund and World Bank meetings held on the sidelines. Foreign ministers and trade ministers usually conduct distinct meetings.
Next year, the US plans to conduct a single host nation session with the finance ministers and central bankers in August, according to sources. The US intends to streamline the ministers’ schedule, allowing for more in-depth discussions and refocusing the forum on its fundamental macroeconomic concerns, according to sources. The decision may also indicate President Donald Trump’s strategy of favoring bilateral interactions rather than navigating the intricacies of multilateral meetings. Trump did not attend the G-20 summit in Johannesburg in November, where a communique was released despite the absence of the leader of the group’s largest economy, highlighting the diminished significance the US now attributes to the forum.
The US did not send Treasury Secretary Scott Bessent to the finance gatherings in South Africa in February and July. However, he did take part in the group’s sessions held in Washington in April and October, which occurred on the sidelines of the IMF and World Bank conference. In the last three years, the G-20 has been led by South Africa, Brazil, and India. The host nations from the global south prioritized issues such as debt restructuring, health, and inequality during finance minister meetings, focusing on complex matters that limited the time for conventional discussions on macroeconomics and financial markets.
In recent years, finance chiefs have increasingly had to dedicate more time to geopolitical disputes, especially following Russia’s invasion of Ukraine and the escalation of violence in the Mideast. Divergent national positions frequently hindered the 20 members from releasing joint statements following their two-day meetings. In its statement upon assuming the presidency, the US declared it would “return the G-20 to its original mission of delivering economic growth and prosperity,” emphasizing the reduction of regulatory burdens as its foremost priority.
