Since the outbreak of the COVID-19 in February 2020, the G20 have been working hard to alleviate the burden of the crisis on the most vulnerable countries and to make sure they have the necessary financial resources to tackle the pandemic and kick-start a rapid, inclusive and sustainable economic recovery.
Italy took over the G20 Presidency in December 2020 and continued the important work launched by Saudi Arabia, while shifting the attention of the membership to the long-term financing needs of developing countries.
The main G20 working level venue for these discussions is the International Financial Architecture Working Group (IFA WG). In fact, the IFA WG meets regularly to lay the ground for decisions taken at ministerial level on issues related to debt sustainability and transparency, volatile capital flows and associated risks, and financing for development in low-income countries.
During the Italian G20 Presidency, the IFA WG has already agreed to extend debt relief measures for low-income countries until the end of 2021 and garnered support for a new general Special Drawing Rights allocation of USD 650 billion.
This week, on Monday 14 and Wednesday 16 June, the IFA WG members gathered virtually for the fifth time under the Italian G20 Presidency to assess which additional measures can foster a sustainable, long-lasting and inclusive economic recovery, while maximising the impact of resources towards development objectives.