On July 18, 2020, the G20 Finance Ministers and Central Bank Governors (FMCBG) will host a virtual meeting to continue discussions on the global economic outlook and plan collective action needed for a sustained global economic recovery.
This meeting follows the Extraordinary G20 Leadership Summit on March 26 of this year, in which the G20 FMCBG committed to combating the COVID-19 pandemic and laying the foundations for a quick economic recovery, while enacting measures to better protect against future shocks.
The G20 Action Plan, formed in response to COVID-19, was endorsed by the G20 FMCBG on April 15 – this action plan will be the subject of review and implementation tracking in upcoming FMCBG meetings. The Action Plan also aims to strengthen financial assistance for countries in need, through measures such as suspending debt and delivering over $14 billion in relief funds to the poorest countries.
Progress on key measures from the G20 Finance Track will also be reviewed at the FMCBG meeting; these measures include enhancing access to opportunities for all, financial resilience and development, infrastructure investment, addressing tax challenges arising from the digitalization of the economy, and financial sector issues around enhancing global cross-border payment arrangements, London Interbank Offered Rate (LIBOR) transition and digital financial inclusion for youth, women, and supporting SMEs.