We welcome the actions taken by the IMF in response to the crisis. WASHINGTON, July 18, 2020 - World Bank Group President David Malpass released the following remarks for today’s virtual G20 Finance Ministers and Central Bank Governors Meeting:. Global Infrastructure Hub's (GIH) interim concept note on recovery post COVID-19 was considered by the IWG and will help inform infrastructure policy actions as part of the COVID-19 economic recovery efforts. G20 Finance Ministers: How to achieve a Healthy, Just and Green Recovery We the undersigned call upon the G20 Finance Ministers meeting on 18th July to urgently undertake the following steps to deliver a natural and human capital investment plan that is job-rich, future-proof, and environmentally and financially sustainable. Explore possible ways to further strengthen cooperation between the IMF and RFAs. G20 Finance Ministers and Central Bank Governors will meet virtually on July 18, 2020 under the Saudi G20 Presidency, Riyadh, Kingdom of Saudi Arabia, July 16, 2020. When the economy has recovered, the FSB and other SSBs will coordinate on the future timely unwinding of the temporary measures taken, as well as addressing any areas where existing policy frameworks have been found wanting. Prepared by Staff of the . We will examine the International Labour Organization's (ILO) and OECD's analysis on the impact on employment, as requested by G20 Leaders. Support for ideas like a Climate Damages Tax. We take note of the Institute of International Finance (IIF) Terms of Reference for Voluntary Private Sector Participation. Building on the achievements and commitments of past Presidencies, we, the G20 Ministers responsible for the digital economy, met on 22 July 2020 to discuss harnessing digital technologies to realize opportunities of the 21stcentury for all. We also call on the IMF to explore additional tools that could serve its members' needs as the crisis evolves, drawing on relevant experiences from previous crises. :�4��9�x�i� 7������. In line with the G20 Roadmap for Infrastructure as an Asset Class, we welcome the G20/OECD Report on the Collaboration with Institutional Investors and Asset Managers on Infrastructure Investment, which reflects investors' view on issues and challenges affecting private investment in infrastructure and presents policy options to address them. We note the need for further progress and strongly encourage private creditors to participate in the DSSI on comparable terms when requested by eligible countries. The Agenda has been delivered to the July FMCBG meeting. G20 Ministerials |  The FSB continues to support international cooperation and coordination on the COVID-19 response through three key channels underpinned by the FSB principles: regularly sharing information on and supporting domestic assessments of policy responses; assessing vulnerabilities in the global financial system to support assessments of the appropriateness of financial policy responses and potential adjustments; and coordinating on the response to policy issues, including measures that standard setting bodies may take to provide flexibility to, or give guidance on flexibility available to authorities and firms within existing international financial standards. The volume of merchandise trade shrank by 3 percent year-on-year in the first quarter according to UNCTAD and WTO statistics. [1] The G20 International Financial Architecture Working Group also discussed the possibility of an Special Drawing Right (SDR) allocation or of countries that have excess SDRs granting or lending them to countries that need them. We commit to share country data, analysis and experiences on a timely basis on the implementation and impact of COVID-19 containment measures to support policy making. Coordinated actions taken by G20 member central banks should continue to help facilitate liquidity flows between economies. The pandemic has reaffirmed the need to enhance global cross-border payment arrangements to facilitate lower-cost, faster, more accessible and more transparent payment transactions, including for remittances. Debt Service Suspension Initiative Bilateral Creditors implementation table, The G20/OECD Report on Collaboration with Institutional Investors and Asset Managers on Infrastructure Investment – July 2020. Implementing swiftly the support proposed by the World Bank and Regional Development Banks of the Attachment I to the Action Plan — COVID-19 International support to countries in need, Commitments taken under part 3. G20 Finance Meetings, Virtual meeting of the G20 finance ministers and central bank governors The OECD's Report on the Evolution and Trends in SME Finance Policy since the Financial Crisis – July 2020. G20 Finance Ministers & Central Bank Governors Meeting. Among G20 emerging market economies, fiscal interventions were also concentrated in the business sector — equal to 4 percent (approx.) Press release, April 12, 2020; July 18-19, 2020: Finance ministers and central bank governors, videoconference. Following a request of Saudi Arabia's G20 Presidency, the OECD outlined measures taken by countries in its report Tax and Fiscal Policy in Response to the Coronavirus Crisis: Strengthening Confidence and Resilience. 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