October 14, 2020 | Saudi Arabia Riyadh Summit | Source |
“While the global economy is experiencing a sharp contraction in 2020 due to the impact of the COVID-19 pandemic, the outlook is less negative with global economic activity showing signs of recovery as our economies have been gradually reopening and the positive impacts of our significant policy actions started to materialize. However, the recovery is uneven, highly uncertain and subject to elevated downside risks. We reaffirm our determination to continue to use all available policy tools as long as required to safeguard people’s lives, jobs and incomes, support the global economic recovery, and enhance the resilience of the financial system, while safeguarding against downside risks.
The G20 Action Plan, endorsed at our meeting on 15 April 2020, sets out the key principles guiding our response and our commitments to specific actions to drive forward international economic cooperation as we navigate this crisis and take steps to support recovery and achieve strong, sustainable, balanced and inclusive growth. Recognizing that members are in different stages of responding to the crisis and that the global economic outlook continues to evolve, we endorse the updates to the G20 Action Plan (Annex I). These updates will ensure that we promptly respond to the evolving health and economic situation. The global landscape continues to be rapidly transformed by economic, social, environmental, technological, and demographic changes. We will sustain and strengthen as necessary our efforts, considering the different stages of the crisis, to achieve strong, sustainable, balanced and inclusive growth, while making the most of current transformations in shaping the recovery, in a way consistent with our pre- crisis agenda.
We reiterate our commitment that the G20 Action Plan is a living document and to regularly review, update, track implementation of, and report on it. We underscore the urgent need to bring the spread of the virus under control, which is key to supporting global economic recovery, and will take forward the commitments agreed at the G20 Finance and Health Ministers meeting on 17 September 2020. We will continue to facilitate international trade, investment and to build resilience of supply chains to support growth, productivity, innovation, job creation and development. We will continue to take joint action to strengthen international cooperation and frameworks.”
“RIYADH: G20 finance ministers and central bank governors will take part in an online meeting on Wednesday, under the Saudi G20 presidency.
The officials will discuss global economic development, as well as possible downside risks and policy responses to protect the economy against it.
They will also discuss updates to the G20 Action Plan agreed in April, which supports the global economy during the COVID-19 pandemic.
The meeting will be co-chaired by Mr. Mohammed Al-Jadaan, Saudi Arabia’s Minister of Finance, and Ahmed Al-Kholifey, governor of the Saudi Arabian Monetary Authority.” Link