G20 countries intend to deal with the consequences of the COVID-19 pandemic

The G20 countries will use all available means to counter the consequences of the coronavirus pandemic, including taking measures to protect people’s lives, jobs, and incomes, according to a statement following a meeting of Finance Ministers and Central Bank governors of the G20 countries, which was held on Saturday in the format of a video conference.

G20 members confirmed their intention to do everything possible to support international trade, investment, and economic growth after the pandemic. They promised to continue their efforts to address inequalities, including those resulting from the particular impact of the epidemic on the most vulnerable populations.

“We are determined to continue to use all available tools to protect people’s lives, jobs and incomes, support the global economic recovery and improve the resilience of financial systems while protecting against the risks of economic downturn,” the final statement said.

Participants noted the need to create an international fair, sustainable, and modern tax system. Recognizing the impact of the spread of the coronavirus on this area, the G20 countries promised to cooperate to solve problems in the tax systems.

The meeting participants noted the progress in implementing the action plan approved in April to support the global economy. The G20 action plan includes measures to Finance emergency health interventions, target support for vulnerable populations and businesses (including small and medium-sized businesses), and create conditions for economic recovery.