The global economy is facing heightened uncertainty and complex challenges, including ongoing wars and conflicts, geopolitical and trade tensions, disruptions to global supply chains, high debt levels, and frequent extreme weather events and natural disasters, which impact economic growth, financial and price stability, according to a statement issued by the G20 Finance Ministers and Central Bank Governors following their meeting in Durban, South Africa.

 

Under the G20 South Africa Presidency’s “Solidarity, Equality and Sustainability” theme, the ministers and governors committed to international policy cooperation to further promote global prosperity and address key shared challenges.

 

"In light of high public debt and fiscal pressures, we recognise the need to raise long-term growth potential by pursuing growth-oriented macroeconomic policies, while building fiscal buffers, ensuring fiscal sustainability, encouraging public and private investments and undertaking productivity-enhancing reforms," stated the ministers. 

 

"Structural reforms are essential for generating strong economic growth and creating more and better jobs,'' they added.

 

The ministers called for a analysis by the IMF on all excessive imbalances and, if necessary and, without discrimination, address through country-specific reforms and multilateral coordination, in a way that contributes to an open global economy and without compromising sustainable global growth. 

 

"We reaffirm our April 2021 exchange rate commitment. We reaffirm our commitment to addressing vulnerabilities and promoting an open, resilient, and stable financial system, which supports economic growth,'' they added.-TradeArabia News Service