The virtual meeting of Group of 20 (G-20) finance ministers and central bank governors Tuesday discussed ways out of the current chart the coronavirus outbreak has created for global trade and financial system, Turkey’s treasury and finance minister said.
The meeting particularly stressed the importance of strong cooperation between central banks, Minister Berat Albayrak said on Twitter.
The virtual meeting followed the Extraordinary G-20 Leaders’ Summit held on March 26, a statement by the G-20 secretariat said. They elaborated on efforts in response to the COVID-19 pandemic and agreed on a road map to implement the commitments made at the virtual G-20 Leaders’ Summit, the statement read.
They also discussed the role of the International Monetary Fund (IMF), the World Bank Group and other international financial institutions to deploy all available resources and explore additional measures needed to support emerging markets and developing economies.
The measures include supporting financial stability and alleviating liquidity constraints. The officials welcomed the Word Bank Group's readiness to deploy as much as $160 billion over the next 15 months to support its member countries to respond to issues.
The G-20 finance ministers and central bank governors tasked the relevant working groups to deliver on the road map during their virtual meeting scheduled for April 15. They agreed to continue to discuss and take urgent actions needed to address the global challenges.
In her remarks at the meeting, IMF Managing Director Kristalina Georgieva said the fund has eased access to its emergency facilities and boosted the ability of the poorest countries to strengthen their crisis response to the coronavirus pandemic.
While the global economy is facing a shutdown, creditors should contribute to the poorest countries with debt relief.
She stressed that the fund's executive board has approved reforms to the Catastrophe Containment and Relief Trust (CCRT), which allows the fund's poorest members to invest against the pandemic instead of making payments.
She also said: "The U.S. recently approved the doubling of the New Arrangements to Borrow, and our Executive Board yesterday agreed on a new round of bilateral borrowing to secure the IMF's $1 trillion lending capacity."
After originating in Wuhan last December, the virus has spread to at least 180 countries and regions across the world, with its epicenter shifting to Europe, while China has largely come out of the crisis.
The virus has killed more than 42,400 people and infected over 862,200 globally, while some 178,800 people recovered from the disease, according to figures collated by the U.S.-based Johns Hopkins University.
