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G20 against premature withdrawal of support for the global economy affected by Covid

The G20 summit took place in the run-up to the COP26 climate talks

Rome:

As representatives of the world’s leading industrialized and developing countries, the heads of state and government of the G20 declared on Sunday that they are against an early withdrawal of the support measures introduced by the various countries to stimulate the economy affected by Covid.

The heads of state and government committed themselves to working together to monitor and address the challenges facing the world economy and to take steps to support stability, according to a declaration made at the end of the G20 summit.

Prime Minister Narendra Modi took part in the G20 summit. Over the course of 2021, global economic activity has recovered at a solid pace thanks to the introduction of vaccines and continued political support, the G20 Rome Declaration said.

However, the recovery remains very uneven between and within countries and is subject to downside risks, particularly the possible spread of new variants of COVID-19 and uneven vaccination rates.

“We remain vigilant about global challenges affecting our economies, such as supply chain disruptions. We will work together to monitor and address these issues as our economies recover and support the stability of the world economy, ”said the G20 Rome Declaration.

Departure to Glasgow after a fruitful @ g20org summit in Rome. During the summit, we were able to deliberate extensively on issues of global importance such as fighting the pandemic, improving health infrastructure, strengthening economic cooperation and promoting innovation. pic.twitter.com/LBN17RFkah

– Narendra Modi (Narendramodi) October 31, 2021

The G20 said they will continue the recovery and avoid premature withdrawal of support measures while maintaining financial stability and long-term sustainability of public finances, and protecting themselves against downside risks and negative effects.

The G20 leaders met in Rome on Saturday and Sunday to address pressing global challenges and join forces to better recover from the COVID-19 crisis and achieve sustainable and inclusive growth around the world enable.

“We look forward to the upcoming review of the IMF’s institutional perspective on the liberalization and management of capital flows, which is based, among other things, on the Integrated Policy Framework. We remain determined to review the adequacy of IMF quotas and will continue the process of IMF governance reform as part of the 16th general quota review, including a new quota formula as a guide, by December 15, 2023, ”the statement said.

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