São Paulo – A virtual meeting of G20 finance ministers and central bank governors took place this Monday (23). The group of the world’s 20 biggest economies said in a press release that it will make concerted efforts to respond to the new coronavirus pandemic. An upcoming G20 Action Plan in response to COVID-19 will outline individual and collective, past and future actions.
Finance minister Mohammed Aljadaan of Saudi Arabia – the country currently presiding over the G20 – stressed the need to step up joint efforts and “support people and businesses, safeguard the stability of the global economy and financial markets, restore confidence, and prevent deep and prolonged negative economic impacts.”
Also in discussion during the meeting were ways for stepping up coordinated efforts by bilateral and multilateral creditors to address the risks of debt vulnerabilities, especially in low-income countries. The ministers and governors discussed “the role of the IMF, working closely with the World Bank Group and other International Financial Institutions, to deploy all available resources and explore additional measures needed to support financial stability and alleviate liquidity constraints for emerging markets and developing economies,” a G20 press release said.
The group will have virtual meetings on a regular basis going forward to discuss urgent action. A new date will be set soon for the virtual G20 Leaders’ Summit, which had been slated for this week.
Translated by Gabriel Pomerancblum
