President Jacob Zuma has returned from a successful visit to St Petersburg in the Russian Federation, where he attended the G20 Leaders' Summit on 5 - 6 September 2013.
On the sidelines of the G20, President Zuma chaired a meeting of BRICS Leaders. The meeting reflected on the progress made with regards to the implementation of the eThekwini Declaration, focussing particularly on progress made in respect of the New Development Bank and the Contingent Reserve Arrangement.
The BRICS Leaders welcomed the good progress made towards the establishment of the BRICS-led New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). Progress has been made in negotiating the capital structure of the NDB, its membership, shareholding and governance. The Bank will have an initial subscribed capital of US$ 50 billion from the BRICS countries.
BRICS countries and other emerging markets expressed concerns over the financial market turbulence that emanates from the US Federal Reserve's unclear announcement of tapering of Quantitative Easing.
Global economy issues were also discussed, including issues of growth, global trade and more importantly the creation of much needed jobs in our economies. South Africa committed to continue with its development programmes including those addressing poverty and inequality.
President Zuma was accompanied by the Minister of Finance, Mr Pravin Gordhan, and the Minister of International Relations and Cooperation, Ms Maite Nkoana-Mashabane.
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Mac Maharaj
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