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G20 Finance Ministers and Central Bank Governors to Meet Saturday

G20 Finance Ministers and Central Bank Governors to Meet Saturday

Thursday, 16 July, 2020 - 13:30
Asharq Al-Awsat

Finance Ministers and Central Bank Governors from the Group of 20 major economies are set to hold a virtual meeting on Saturday to discuss global economic outlook and coordinate collective action for a robust and sustained global economic recovery.

The FMCBG meeting will be held under the Saudi G20 Presidency and will be chaired by Saudi Finance Minister Mohammed Aljadaan and Dr. Ahmed Alkholifey, Governor of the Saudi Arabian Monetary Authority.

The G20 Finance Ministers and Central Bank Governors endorsed in April the G20 Action Plan in response to the COVID-19 pandemic and will be reviewing, tracking its implementation in upcoming FMCBG meetings and reporting on its progress to the G20 Leaders’ Summit in November.

The Plan “sets out the key principles guiding the G20 response and its commitments to specific actions to drive forward international economic cooperation as we navigate this crisis and look ahead to a robust, sustained and inclusive global economic recovery,” the G20 Saudi Secretariat said in a statement.

“The Action Plan aims also to strengthen international financial assistance to countries in need, especially the poorest countries. This includes agreement on a G20 historic initiative that calls for debt suspension and can provide over USD 14 billion in relief to the poorest countries, enabling them to redirect resources to fight the pandemic,” it said.

“The FMCBG meeting will also review progress on previously agreed 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 digitalization of the economy, and Financial Sector issues around enhancing global crossborder payment arrangements, LIBOR transition and digital financial inclusion for youth, women, and SMEs,” it added.

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