The G20 calls for resolving trade tensions
After the ministerial meeting in Bali, the Argentine presidency of the group highlighted the progress made. “Cooperation between G20 members is key to maintaining global financial stability,” said Dujovne.
The Fourth Meeting of Finance Ministers and Presidents of Central Banks of the G20 concluded today in Bali, Indonesia, with a press conference in charge of the Argentine presidency of the forum. After two days of working sessions, the Finance Minister of Argentina, Nicolás Dujovne, reviewed the main points of debate and highlighted the progress made in different areas.
“We discussed the outlook for the global economy, which remains positive, while global growth projections remain stable,” said Dujovne, accompanied by the second vice president of the Central Bank of the Argentine Republic, Veronica Rappoport. “However, the expansion is now less uniform among the different economies and some of the risks that were discussed at the beginning of the year are beginning to materialize,” he added.
According to the minister, “as monetary policy continues to normalize in advanced economies, financial conditions tighten in emerging economies, several of which have experienced volatility.”
In relation to trade tensions, Dujovne said: “We agreed that international trade is an important driver of growth and that we must resolve the tensions that can negatively affect the confidence of markets and increase financial volatility.”
“Cooperation between G20 members is key to maintaining global financial stability,” said the Argentine official.
Dujovne also referred to the talks on infrastructure for development, one of the priorities defined by the Argentine presidency of the G20 “given its importance for economic prosperity, sustainable development and inclusive growth”. And he explained: “We have focused on how to catalyze private sector investment in infrastructure by establishing necessary conditions for it to develop as an asset class.”
During the meeting, held within the framework of the annual meetings of the International Monetary Fund (IMF) and the World Bank, the more than 50 heads of delegation also discussed the international financial architecture; the Compact with Africa initiative, launched during the G20 2017 to boost private investment in the African continent, and the agenda of financial inclusion, among other topics.
The Fourth Meeting of Finance Ministers and Presidents of Central Banks was attended by leading figures in the global economy, such as the Managing Director of the IMF, Christine Lagarde; the president of the World Bank, Jim Yong Kim; the president of the European Central Bank, Mario Draghi; the Secretary of the Treasury of the United States, Steven Mnuchin; the Chancellor of the Treasury of the United Kingdom, Philip Hammond, and the Minister of Finance of Japan, Taro Aso.
Towards the Leaders Summit
The conclusions of the meeting in Bali are one more step towards the Leaders Summit of the G20, which will take place on November 30 and December 1 in Buenos Aires.