G20 Against Premature Withdrawal Of Support For Covid-Hit Global Economy

Representing the world's leading developed and developing economies, the G20 leaders on Sunday indicated they are against premature withdrawal of support measures initiated by the various countries to boost Covid-hit economy.

The leaders, according to a declaration issued at the end of the G20 summit, committed themselves to work together to monitor and address challenges facing the global economy and take steps to support stability.

Among others, the G20 summit was attended by Prime Minister Narendra Modi. Over 2021, global economic activity has been recovering at a solid pace, thanks to the rollout of vaccines and continued policy support, said the G20 Rome Declaration.

However, recovery remains highly divergent across and within countries, and exposed to downside risks, in particular the possible spread of new variants of COVID-19 and uneven vaccination paces.

"We remain vigilant to the global challenges that are impacting on our economies, such as disruptions in supply chains. We will work together to monitor and address these issues as our economies recover and to support the stability of the global economy," said the G20 Rome Declaration.

Leaving for Glasgow after a fruitful @g20org Summit in Rome. During the Summit, we were able to have elaborate deliberations on issues of global importance such as fighting the pandemic, improving health infrastructure, boosting economic cooperation and furthering innovation. pic.twitter.com/LBN17RFkah

— Narendra Modi (@narendramodi) October 31, 2021

The G20 nations said they will continue to sustain recovery, avoiding any premature withdrawal of support measures, while preserving financial stability and long-term fiscal sustainability and safeguarding against downside risks and negative spill over.

The leaders of the G20 met in Rome on Saturday and Sunday to address pressing global challenges and to converge upon common efforts to recover better from the COVID-19 crisis and enable sustainable and inclusive growth across the world.

"We look forward to the forthcoming review of the IMF's institutional view on the liberalisation and management of capital flows, informed, among others, by the Integrated Policy Framework. We remain committed to revisiting the adequacy of IMF quotas and will continue the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, by 15 December 2023," the declaration said.