Finance ministers of G20 nations to meet today in Washington
The finance ministers of G20 (Group of 20) nations are all set to meet on Wednesday in the capital city of the United States, Washington DC, to discuss matters related to the international economy and global health, specifically focusing on efforts geared towards the promotion of more sustainable growth. The ministers will be joined by central bank governors as part of the meeting known as the annual G20 finance ministers and central bank governors (FMCBGs) meet.
According to an official statement issued by G20, the Wednesday meeting will be held as part of the International Monetary Fund (IMF)-World Bank Group (WBG) annual meetings. In the third FMCBG meet held in Venice three months ago (the first such in-person finance track meeting since February 2020 owing to the Covid-19 pandemic), the ministers and the governors discussed international taxation matters and financial sector issues.
In the fourth FMCBG meeting, the G20 ministers and the central bank governors are slated to discuss the Covid-19 global recovery, thanks to the vaccines against the coronavirus disease, but with a special focus on how recuperation still remains uneven across and even within several countries. According to the agenda of the meeting issued beforehand, the ministers and governors will exchange 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.
This takes special significance since the last FMCBG meeting had seen the ministers and governors have a “very fruitful exchange of views” on the support to the most vulnerable countries. To help countries in critical conditions, the meet is expected to discuss ways to channel a share of the special drawing rights (SDRs) of the $650 billion allocated by the IMF for this purpose. “Exchange of views will also continue on the Common Framework for Debt Treatment beyond the Debt Service Suspension Initiative (DSSI) and the International Development Association replenishment,” the G20 statement added.
Moreover, climate change is also likely to take up an important spot in today's G20 FMCBG meet. Following up on the previous session's commitment to “promote transitions towards greener, more prosperous and inclusive economies and societies”, the dignitaries attending the meet will decide on ways to synergise and 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,” the statement added.