Motlanthe is leading the South African delegation to the Summit, which falls within the context of the country's priority to participate in the reformation of the global financial system.
In this regard, the G-20 finance process, which includes key developed and emerging market countries, was established in 1999, after the last financial crisis that had worldwide implications.
The Summit is expected to review the progress being made to address the current global financial crisis, advance a common understanding of its course and agree on a common set of principles for reform of the regulatory and institutional regimes for international financial sectors.
Leaders will also discuss the effects of the crisis on emerging economies and developing nations.
The Washington meeting follows that of the Finance Ministers and Central Bank Governors of the G-20 in Sao Paulo, Brazil on 9 November 2008, during which the causes of and policy responses to the global financial crisis were discussed and perspectives on the way forward shared.
The meeting focused on ensuring financial stability, supporting global growth and maintaining recent achievements in poverty reduction and social inclusion.
Members of the G-20 include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea and Mexico.
Others are Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
The Managing Director of the International Monetary Fund, the President of the World Bank, United Nations Secretary-General and the Chairman of the Financial Stability Forum have also been invited to participate.
Cape Town - 13/11/2008
Pana
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