NEW DELHI, Feb 26 (NNN-PTI) – The G20 Finance Ministers and Central Bank Governors, yesterday, reiterated their commitment to enhancing international policy cooperation, and steering global economy towards securing strong, sustainable, balanced and inclusive growth.
They also stressed on the need for well-calibrated monetary, fiscal, financial, and structural policies, to promote growth and maintain macroeconomic, as well as, financial stability globally.
Besides, they recognised the urgency to address debt vulnerabilities in low- and middle-income countries, and declared that, strengthening multilateral coordination by official bilateral and private creditors was needed.
At the conclusion of the two-day meeting in Bengaluru, the “G20 Chair’s Summary and Outcome Document” stated that, global economic outlook had modestly improved since their last meeting in Oct, 2022.
“However, global growth remains slow, and downside risks to the outlook persist, including elevated inflation, a resurgence of the pandemic, and tighter financing conditions, that could worsen debt vulnerabilities in many Emerging Market and Developing Economies (EMDEs).”
“We will continue to enhance macro policy cooperation and support progress towards the 2030 Agenda for Sustainable Development. We will use macroprudential policies, where required, to safeguard against downside risks. We will prioritise temporary and targeted fiscal support to vulnerable groups, while maintaining medium-term fiscal sustainability,” it said.
Central banks remain strongly committed to achieving price stability and will ensure inflation expectations remain well-anchored, the document said.
The ministers and governors look forward to the mapping exercises on food insecurity, currently being undertaken by the Food and Agriculture Organisation and the World Bank, it added.
The officials said that, while maintaining their focus on poverty reduction and all other Sustainable Development Goals, they will work to strengthen the key role of Multilateral Development Banks, in development financing.– NNN-PTI
