covid-19: G20 FMs, central bank governors decide on joint effort

Economy


New Delhi: Finance ministers and central bank governors of the G20 met virtually on Tuesday to coordinate efforts in response to the Covid-19 pandemic and agree on a roadmap to implement commitments made at the virtual G20 leaders’ summit held on March 26.

The ministers decided on delivering a joint G20 Action Plan, which will outline the individual and collective actions that G20 has taken and will be taking to respond to the pandemic, while also highlighting the medium-term measures needed to support the global economy during and after this phase.

Besides, they decided to address the risk of debt vulnerabilities in low-income countries amid the outbreak, allowing these countries to focus on fighting the challenge.

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They also decided to work with relevant international organisations to swiftly deliver appropriate financial assistance to emerging markets and developing countries to cope with the challenges. The ministers decided to work with the Financial Stability Board in its capacity to coordinate regulatory and supervisory measures taken by countries in response to the disease.

They discussed the role of IMF, the World Bank Group and other international institutions to deploy available resources and explore additional measures to support emerging markets and developing economies.



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