South Africa supported the agreements reached at the summit, which included trebling the resources available to the International Monetary Fund (IMF) to 750 billion U.S dollars and supporting a new Special Drawing Rights allocation of 250 billion U.S. dollars, Manuel said.

Also agreed upon was supporting at least 100 billion dollars of additional lending by the multilateral development banks, ensuring 250 billion dollars for trade finance and using additional resources from the IMF gold sales for concessional finance for the poorest countries.

These measures constituted an additional 1.1 trillion dollars of support to restore credit, growth and jobs in the global economy.

Manuel said South Africa's manufacturing and mining sectors had been hit by the global financial crisis and in spite of the G20 summit's proposed solutions "would be under pressure for some time ".

"I would be lying to you if I said that we concluded an agreement on Thursday that allows for the sales of platinum to rise and that jobs in the platinum mining industries will be reinstated."

Manuel said that the automobile industry would also face difficulties but added that this situation was not unique to South Africa.

"Banks need to start lending again and households need to get their balance sheets in order -- we won't see much change until that happens," he said.

Manuel said the London summit started from the belief that for growth to be sustained, it had to be shared.

In addition, the global plan for recovery had to take into account the needs and jobs of hardworking families -- not just in developed countries, but also in emerging markets and the poorest countries of the world.

The minister added that South Africa's economy was "remarkably resilient" because the country had taken "policy decisions that proved themselves".