RIYADH, (Pakistan Point News - 16th Jul, 2020) G20 Finance Ministers and Central Bank Governors, FMCBG, will meet virtually on July 18th to discuss global economic outlook and coordinate collective action for a robust and sustained global economic recovery.
More recently, the G20 FMCBG convened several extraordinary meetings to attain consensus on a G20 Action Plan. Accordingly, they endorsed on April 15th, 2020 the G20 Action Plan in response to COVID-19 and will be reviewing, tracking its implementation in upcoming FMCBG meetings and reporting on its progress to the G20 Leaders Summit in November.
The Action Plan aims also to strengthen international financial assistance to countries in need, especially the poorest ones. This includes agreement on a G20 historic initiative that calls for debt suspension and can provide over US$14 billion in relief to the poorest countries, enabling them to redirect resources to fight the pandemic.
The FMCBG meeting will also review progress on previously agreed on G20 Finance Track priorities in 2020, including on enhancing access to opportunities for all, financial resilience and development, infrastructure investment, addressing tax challenges arising from the digitalisation of the economy, and financial sector issues around enhancing global cross-border payment arrangements, LIBOR transition and digital financial inclusion for youth, women, and SMEs.
