Xinhua News Agency, Rome, February 26 (Reporter Ye Xinke and Chen Zhanjie) The meeting of finance ministers and central bank governors of the Group of Twenty (G20) was held in video on the 26th. The meeting emphasized that expansionary policies should be maintained to help economies get rid The negative impact of the new crown epidemic has allowed countries to equitably obtain safe new crown vaccines and treatment methods.
This is the first meeting of finance ministers and central bank governors since Italy took over the G20 presidency.
The Italian Minister of Economy and Finance Daniele Franco told the media after the meeting that the participants agreed that the premature withdrawal of fiscal and monetary policy support should be avoided.
According to a statement issued by the Italian Ministry of Finance, participants called on international financial institutions to develop more tools to meet long-term global financing and reserve needs; the International Monetary Fund (IMF) should formulate an overall special drawing rights allocation proposal.
According to Reuters, participants generally supported strengthening the IMF's reserves and expanding its lending capacity to support poor countries that have been hit hard by the epidemic.
In terms of international taxation, the meeting urged the reform of the current system to cope with the new challenges brought about by economic globalization and digitalization.
To this end, the G20 will strive to reach a global, consensus-based solution by the middle of 2021.
The meeting pointed out that although many countries have begun to vaccinate and their economies have begun to strengthen, the current public health and economic situation is still severe. All countries should strengthen international cooperation and jointly take measures to respond to global challenges.
The meeting also set up a G20 high-level independent group to deal with possible future epidemics.
Countries agreed to take further measures to address issues such as low growth rates, increasing inequality, climate and environmental risks, and infrastructure funding gaps.
In addition, participants also discussed the challenges of the new crown epidemic to financial stability and inclusiveness, and the impact of the rapid development of digital payments and other financial services on the most vulnerable countries and groups.