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.

Finance ministers and central bank chiefs from the Group of 20 developed and developing nations have gathered in South Africa for a two-day meeting.

South Africa sought to salvage international talks on tackling global poverty on Wednesday as finance chiefs from several leading economies skipped a gathering of Group of 20 nations in Cape Town held against a backdrop of foreign aid cuts.

Finance ministers gathered in Cape Town for a meeting of the Group of 20 wealthy economies “expressed support” for South Africa’s theme of “Solidarity, Equality and Sustainability,” according to a summary of the proceedings.

Foreign ministers from G20 countries will meet in Johannesburg on Thursday, but U.S. Secretary of State Marco Rubio will not attend amid diplomatic tensions between South Africa and the U.S. Diplomats including Russian Foreign Minister Sergey Lavrov

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.