Finance / Global Economics & Governance

The revived centrality of the G20

Posted On: Apr 28, 2020   |   Posted By: Bruegel

A series of summits of governments and international financial institutions took place in April. Much was expected of these. They were seen as the opportunity for global financial leaders to provide authoritative guidance on the global response to the economic havoc wrought by the COVID-19 pandemic.
The G20 meeting of finance ministers and governors of central banks on 15 April stands out. The main announcement from the meeting was a one-year freeze of bilateral government loan repayments for low-income countries, for a value “north of $20 billion ”. Other important measures were also announced, including the deployment of $200 billion through Multilateral Development Banks and the deployment of the International Monetary Fund's resources in an accelerated manner. However, the leaders failed to agree on a new allocation of Special Drawing Rights - IMF assets that IMF members can swap for currency - as was pushed for by the European countries and other...

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