Saudi Arabia hosts a virtual meeting of finance ministers and bank...

Saudi Arabia hosts a virtual meeting of finance ministers and bank...
Saudi Arabia hosts a virtual meeting of finance ministers and bank...
The finance ministers and central bank governors of the G20 countries will hold a meeting tomorrow, Wednesday, under the Kingdom’s presidency of the G20, to discuss developments, global economic prospects, negative risks, and possible policy measures in order to avoid them and support a rapid and sustainable global economic recovery. Updates on the G20 action plan will also be discussed. Supporting the global economy during the Coronavirus (COVID-19) pandemic (the G20 Action Plan), in addition to the progress made in the G20 initiative to suspend debt service payments and a proposal to extend it to 2021.

The meeting will be chaired by the Saudi Minister of Finance, Mr. Muhammad Al-Jadaan, and the Governor of the Saudi Arabian Monetary Agency, Dr. Ahmed Al-Khulaifi.

On April 15, 2020, finance ministers and central bank governors ratified the G20 Action Plan, which stipulates the basic principles that guide the G20 response and its commitments towards taking specific measures to advance international economic cooperation with the aim of getting out of the crisis, while at the same time paving the way towards a recovery. A strong, sustainable and inclusive global economy.

In recognition of the disparity occurring in the stages of the member states ’response to the crisis and the continuing development in global economic prospects, finance ministers and central bank governors will discuss updates on the G20 action plan to ensure that the G20 responds promptly to developments in the health and economic situation, in addition to taking the necessary steps to support efforts aimed at Restore strong, sustainable, balanced and inclusive growth. The G20 action plan aims to strengthen international financial support directed at the countries most in need.

It is decided that finance ministers and central bank governors will assess the progress made in the G20 initiative to suspend debt service payments in which the total deferred debt from bilateral lenders to eligible countries may exceed $ 14 billion to enable those countries to redirect their resources to fight the pandemic, They will also discuss the option of extending the initiative to suspend debt service payments until 2021 to provide additional support to eligible countries.

Finance ministers and central bank governors will also address the financial sector issues of the Group of Twenty under the priority sector issues for 2020 represented in “structuring supervisory and regulatory issues to keep pace with the digital age.”

In the context of work to advance progress towards a fair, sustainable and modern international tax system at the global level, finance ministers and central bank governors will discuss progress made within the comprehensive framework of the Group of Twenty and the Organization for Economic Cooperation and Development on tax base erosion and profit transfer in the context of addressing the challenges of Taxes resulting from the digitization of the economy and future steps.

As usual, the October meeting of finance ministers and central bank governors of the G20 is held in Washington, DC, on the sidelines of the annual meetings of the International Monetary Fund and the World Bank Group, and given the current circumstances, the G20 meetings are currently being held virtually.

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