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G20 Finance Ministers meet today in Washington DC

The finance ministers of Group of 20 (G20) nations are set to meet in the capital city of United States Washington DC on Wednesday (today). G20 Finance Ministers and Central Bank Governors (FMCBGs) are to be convened in Washington for their fourth meeting under the Italian G20 Presidency.

The discussions will be on issues related to international economy and global health and on the efforts geared towards the promotion of a more sustainable growth.

According to a G20 statement, the meeting will be held on the occasion of the International Monetary Fund (IMF) – World Bank Group (WBG) Annual Meetings.

The third G20 meet with Finance Ministers and Central Bank governors gathered in Venice three months ago (in July), the discussions took place over the views of support to the most vulnerable countries, international taxation matters and financial sector issues, including sustainable finance.

G20 members today in the fourth FMCBGs meeting, are to discuss the Covid-19 global recovery, thanks to the vaccine roll out against the coronavirus disease, focusing on how to convalescence still remain uneven across several countries and views on how to continue to sustain the economic recovery and address the adverse consequences of the pandemic, especially on the most impacted groups of the society.

After the historic agreement on the key components of the two pillars on the reallocation of profits of multinational enterprises and an effective global minimum tax reached in July, Ministers and Governors are expected to endorse the final political agreement to establish a more stable and fairer international tax architecture. 

The G20 FMCBGs will also assess how to continue supporting vulnerable countries affected by the COVID-19 pandemic. Following up on the IMF general allocation of USD 650 billion Special Drawing Rights (SDRs), discussion will now focus on options for voluntarily channelling a share of the allocated SDRs to help countries in critical conditions.

Moreover FMCBGs are to discuss options for strengthening the coordination in tackling climate change, as G20 members agreed in July to promote transitions towards greener, more prosperous and inclusive economies and societies.

Now various G20 work streams will have to act in synergy to build an effective policy mix to move towards carbon neutral economies. In line with the 2030 Agenda for Sustainable Development and the objectives of the Paris Agreement, the membership is expected to endorse the G20 Sustainable Finance Roadmap, which has been prepared by the Sustainable Finance Working Group. (Inputs from News Agency)


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