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21:56 GMT
RIYADH, Feb 23 (KUNA) -- The G-20 finance ministers and governors of the central banks on Sunday expected the global economic growth to pick up modestly in 2020 and 2021.
Concluding a two-day meeting here, the conferees adopted a final communique, noting that the recovery will follow signs of stabilization at the end of 2019.
"The recovery is supported by the continuation of accommodative financial conditions and some signs of easing trade tensions," according to the document carried by Saudi Press Agency (SPA).
"However, global economic growth remains slow and downside risks to the outlook persist, including those arising from geopolitical and remaining trade tensions, and policy uncertainty.
"We will enhance global risk monitoring, including of the recent outbreak of COVID-19. We stand ready to take further action to address these risks," the conferees pledged.
"We remain committed to use all available policy tools to achieve strong, sustainable, balanced and inclusive growth, and safeguard against downside risks, while implementing structural reforms to enhance our growth potential.
"Fiscal policy should be flexible and growth-friendly while ensuring debt as a share of GDP is on a sustainable path. Monetary policy should continue to support economic activity and ensure price stability, consistent with central banks' mandates.
"We reemphasize that international trade and investment are important engines of growth, productivity, innovation, job creation and development. We reaffirm the conclusions of our Leaders on trade and investment at the Osaka Summit.
"We will continue to take joint action to strengthen international cooperation and frameworks. We also reaffirm our exchange rate commitments made in March 2018," they said.
"We will continue to monitor and as necessary continue to tackle financial vulnerabilities. We also reaffirm our commitment to ensure a stronger global financial safety net with a strong, quota-based, and adequately resourced IMF at its center.
"We are facing a global landscape that is being rapidly transformed by economic, social, environmental, technological and demographic changes.
"Our collective work should strive to foster sustainable development and growth, and create the conditions in which all people can live, work and thrive--," the document reads.
They welcomed the joint note of the International Monetary Fund (IMF) and the World Bank Group (WBG) on recent developments on local currency bond markets in emerging economies and welcomed the stepping up of the ongoing effort on developing domestic capital markets, especially in emerging markets and developing economies, taking into account country-specific circumstances.
"We take positive note of the progress made in following up on the G-20 Eminent Persons Group (EPG) proposals, recognizing their multi-year nature," they said.
"We endorse the G-20 Reference Framework for Effective Country Platforms and look forward to an update by Multilateral Development Banks (MDBs) on progress achieved in implementing country-owned pilot platforms in developing countries, including in fragile states.
"We encourage the implementation of the cooperation agreements between the Multilateral Investment Guarantee Agency (MIGA) and other MDBs to enhance the role of political risk insurance in development finance for a stronger mobilization of private sector resources.
"In this context, we welcome the Co-Guarantee Platform between the Islamic Development Bank and the African Development Bank. We reiterate our continued support for the Compact with Africa (CwA), with enhanced roles for participating international organizations (WBG, AfDB, IMF) in implementation and strengthened bilateral engagement by G20 partners.
"We reiterate the importance of joint efforts undertaken by both borrowers and creditors, official and private, to improve debt transparency and sustainability and encourage further efforts to address debt vulnerabilities," they added. (end)
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