ROME/BRUSSELS: The world's financial leaders agreed on Friday to maintain expansionary policies to help economies survive the effects of COVID-19, and committed to a more multilateral approach to the twin coronavirus and economic crises.
The Italian presidency of the G20 group of the world's top economies said the gathering of finance chiefs had pledged to work more closely to accelerate a still fragile and uneven recovery.
"We agreed that any premature withdrawal of fiscal and monetary support should be avoided," Daniele Franco, Italy's finance minister, told a news conference after the videolinked meeting held by the G20 finance ministers and central bankers.
The United States is readying $1.9 trillion in fiscal stimulus and the European Union has already put together more than 3 trillion euros ($3.63 trillion) to keep its economies through lockdowns.
But despite the large sums, problems with the global rollout of vaccines and the emergence of new coronavirus variants mean the future path of the recovery remains uncertain.
The G20 is "committed to scaling up international coordination to tackle current global challenges by adopting a stronger multilateral approach and focusing on a set of core priorities," the Italian presidency said in a statement.
Comments
Comments are closed.