G20 Finance Ministers and Central Bank Governors Meeting (english)

G20 Finance Ministers and Central Bank Governors Meeting

15 April 2020

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As G20 members we have and will continue to undertake the following actions and commitments to support our domestic and global economy to minimize the short-term disruption from containment measures and their spillovers:

• We commit to providing substantial support to businesses, especially smallmedium sized enterprises, and households most affected by this crisis, to minimize the pain of the temporary shock and ensure that disruption does not cause longterm damage to the global economy.

• We commit to supplying targeted liquidity and funding support, to businesses and small-medium sized enterprises.

• We commit to supporting individuals and households to retain their attachment to the labour market, including through flexible forms of working.

• We commit to providing support to individuals, particularly whose income levels are negatively affected, to reduce the impact on households and businesses.

• We commit to promote financial inclusion by maintaining accessible and affordable financial products and services through conventional and responsible digital means while ensuring financial consumer protection.

• We pledge to continue to put in place a comprehensive package of monetary and regulatory policy measures to support economic and financial stability, and together with fiscal response, ensure an appropriate overall degree of macroeconomic policy support.

• Central banks stand ready to do whatever it takes to support economies across the full range of instruments consistent with their mandates. Coordinated actions taken by G20 member central banks should continue to help facilitate liquidity flows between economies.

• We commit to follow the FSB’s principles in its COVID-19 report to the G20 to monitor and share information on a timely basis to assess and address financial stability risks from COVID-19; recognize and use the flexibility built into existing financial standards to support our response; seek opportunities to temporarily reduce operational burdens on firms and authorities; act consistently with 5 Annexes G20 Finance Ministers and Central Bank Governors Meeting 15 April 2020 [Virtual] international standards, and not roll back reforms or compromise the underlying objectives of existing international standards; and coordinate on the future timely unwinding of the temporary measures taken.

• We ask the FSB to continue supporting international cooperation and coordination on the COVID-19 response through information sharing, assessing vulnerabilities, and coordinating on the response to policy issues, including measures that standard setting bodies and member countries take to provide flexibility within international standards or reduce operational burdens.

• As agreed by Trade and Investment Ministers, we will continue to work together to deliver a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open.

• We will ensure smooth and continued operation of the logistics network that serve as the backbone of global supply chains.

• We emphasize the importance of transparency in the current environment and our commitment to notify the WTO of any trade related measures taken.

• We commit to share country data, analysis and experiences on a timely basis on the implementation and impact of COVID-19 containment measures to support policy making. We call on the International Monetary Fund (IMF) and Organisation for Economic Co-operation and Development (OECD) to assist with this by working closely with members to regularly update their respective trackers of country policy interventions, and to provide regular updates of forecasts of global economic conditions.



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