Following the meeting of the G20 Finance Ministers and Central Bank Governors on July 25 and 26 2024, a communique was issued.
Global Economic Outlook
The Ministers welcomed the likely soft landing of the global economy. They are continuing to communicate policies that will promote strong, sustainable growth, maintain price and financial stability and support fiscal sustainability. The Ministers are committed to fiscal policies that will rebuild buffers, continue to be growth-friendly and catalyse investments towards reforms that increase productivity.
The Ministers are committed to resisting protectionism and encouraging the efforts to support a rules-based, transparent multilateral trading system with the WTO at its core. They continue to support the reform efforts of the WTO by its members.
Boosting Sustainable Development Finance
The Ministers are focusing on promoting effective policy frameworks and mobilizing accessible finance to address climate change and biodiversity challenges, taking national circumstances into account. The Ministers attach importance to the 2024 G20 Sustainable Finance Report and to receiving the Independent High-Level Expert Group Review on the Vertical Climate and Environmental Funds. Also the Ministers support the Sustainable Finance Working Group agenda advancing transition plans for financial institutions and corporates.
Transforming MDBs
The Ministers are committed to delivering more effective Multilateral Development Banks (MDBs) to better address countries’ sustainable development goals and global challenges. The MDBs should continue to focus on addressing the development needs and priorities of low- and middle-income countries. Coordinated action by MDBs can add value while the banks can still respect their individual mandates.
Addressing Debt Vulnerabilities
The Minsters welcomed progress made under the G20 Common Framework (CF). They are committed to addressing global debt vulnerabilities. With this end in view the Common Framework can be implemented in a timely and coordinated manner.
Reforming Global Financial Governance
The Ministers are committed to a strong, quota-based, and adequately resourced IMF that will continue to be the centre of the global financial safety net. Domestic approvals are to be secured for the agreed quota increase, and relevant adjustments to be made under the New Arrangement to Borrow (NAB).
Financial Sector Issues and Financial Inclusion
The Ministers are committed to the timely implementation of international financial reforms, and recognise the importance of strong prudential standards for banks. The benefits of digital innovations can be harnessed while mitigating their risks. The Ministers are continuing to monitor the risks posed by crypto-assets. They recognise the efforts made towards implementing the G20 Roadmap on Crypto Assets.
International Taxation Cooperation
The communique notes the progress made by the Inclusive Framework on the two-pillar solution and notes that the Ministers are committed to the swift implementation of the two-pillar solution by all interested jurisdictions. The Ministers welcomed the significant progress made towards the implementation of Pillar Two. The communique encourages the Inclusive Framework member countries to complete the negotiations on a final package on Pillar One by resolving the remaining issues on a framework for Amount B, and finalising the Multilateral Convention (MLC).
The Ministers have issued the Rio de Janeiro G20 Ministerial Declaration on International Tax Cooperation. They are committed to tax transparency and to dialogue on fair and progressive taxation, including discussion of the taxation of ultra-high-net-worth individuals. The Ministers note the publication of the IMF’s G20 Note on Alternative Options for Revenue Mobilization; the Blueprint for a Coordinated Minimum Effective Taxation Standard for Ultra-High Net Worth Individuals; and the OECD tax report to the G20 Ministers.
