upcoming

G20

Saudi Arabia

Nov
21
-
Nov 22, 2020
15th
G20
Forum
Summit
//
scheduled to be
hosted in
Riyadh
,
Saudi Arabia

about

Realizing Opportunities of the 21st Century for All

topics

The three key aims of the 2020 G20 Presidency are: ​

  1. Empowering People, by creating the conditions in which all people – especially women and youth – can live, work and thrive.
  2. Safeguarding the Planet, by fostering collective efforts to protect our global commons.
  3. Shaping New Frontiers, by adopting long-term and bold strategies to share benefits of innovation and technological advancement.​

G20 Finance Ministers & Central Bank Governors Meeting 22-23 February 2020, Riyadh, Saudi Arabia. G20.org

After signs of stabilization at the end of 2019, global economic growth is expected to pick up modestly in 2020 and 2021. The recovery is supported by the continuation of accommodative financial conditions and some signs of easing trade tensions. However, global economic growth remains slow and downside risks to the outlook persist, including those arising from geo political and remaining trade tensions, and policy uncertainty. We will enhance global risk monitoring,including of the recent outbreak of COVID-19. We stand ready to take further action to address these risks.

We remain committed to use all available policy tools to achieve strong, sustainable, balanced and inclusive growth, and safeguard against downside risks, while implementing structural reforms to enhance our growth potential. Fiscal policy should be flexible and growth-friendly while ensuring debt as a share of GDP is on a sustainable path. Monetary policy should continue to support economic activity and ensure price stability, consistent with central banks’ mandates. We reemphasize that international trade and investment are important engines of growth, productivity,innovation, job creation and development. We reaffirm the conclusions of our Leaders on trade and investment at the Osaka Summit. We will continue to take joint action to strengthen international cooperation and frameworks.

We also reaffirm our exchange rate commitments made in March 2018. We will continue to monitor and as necessary continue to tackle financial vulnerabilities. We also reaffirm our commitment to ensure a stronger global financial safety net with a strong, quota-based, and adequately resourced IMF at its center.We are facing a global landscape that is being rapidly transformed by economic, social,environmental, technological and demographic changes. Our collective work should strive to foster sustainable development and growth, and create the conditions in which all people can live,work and thrive. An inclusive approach to growth can better harness untapped economic potential,help address inequality and empower all segments of society, especially women and youth.Therefore, we agree to develop a menu of policy options that countries can draw from to enhance access to opportunities for all.Infrastructure is a driver of economic growth and prosperity, which can be further enhanced through technology.

The potential benefits of more widespread use of technology in infrastructure are substantial. It improves investment decisions over the lifecycle, enhances value for money of infrastructure projects, and improves the efficiency in building, operating and maintaining quality infrastructure for the delivery of better social, economic and environmental outcomes. We agree to develop an Infrastructure Technology (InfraTech) Agenda to support the utilization of technology in infrastructure. We reaffirm our previous commitments and efforts, and we will advance our work towards our strategic direction and high aspiration as outlined in the G20 Principles for Quality Infrastructure Investment.

We will also continue to advance the implementation of the Roadmap to Infrastructure as an Asset Class, including a focus on the regulatory framework for private sector participation in infrastructure investment.Accelerating efforts to develop domestic capital markets is essential to support growth and enhance financial resilience and inclusion. We welcome the joint note of the International Monetary Fund (IMF) and the World Bank Group (WBG) on recent developments on local currency bond markets in emerging economies and welcome the stepping up of the ongoing efforts on developing domestic capital markets, especially in emerging markets and developing economies, taking into account country-specific circumstances.

We take positive note of the progress made in following up on the G20 Eminent Persons Group(EPG) proposals, recognizing their multi-year nature. We endorse the G20 Reference Framework for Effective Country Platforms and look forward to an update by Multilateral Development Banks(MDBs) on progress achieved in implementing country-owned pilot platforms in developing countries, including in fragile states. We encourage the implementation of the cooperation agreements between the Multilateral Investment Guarantee Agency (MIGA) and other MDBs to enhance the role of political risk insurance in development finance for a stronger mobilization of private sector resources. In this context, we welcome the Co-Guarantee Platform between the Islamic Development Bank and the African Development Bank. We reiterate our continued support for the Compact with Africa (CwA), with enhanced roles for participating international organizations (WBG, AfDB, IMF) in implementation and strengthened bilateral engagement byG20 partners.

We reiterate the importance of joint efforts undertaken by both borrowers and creditors, official and private, to improve debt transparency and sustainability and encourage further efforts to address debt vulnerabilities. In this regard, we look forward to the IMF-WBG update on the implementation of their multipronged approach for addressing emerging debt vulnerabilities,including an update on their work to deepen analysis of collateralized financing practices, in the context of the review of the IMF’s Debt Limits Policy and WBG’s Sustainable Development Finance Policy. We urge the IMF, WBG, and other MDBs to continue their efforts to strengthen borrowers’ capacity in the areas of debt recording, monitoring, and reporting, debt management,public financial management and domestic resource mobilization. We will advance the discussion on the issues highlighted by the IMF-WBG note on the implementation of the G20 Operational Guidelines for Sustainable Financing. We also look forward to an update on the implementation of Institute of International Finance’s Voluntary Principles for Debt Transparency, including on work to identify a data repository. We support ongoing work by the IMF, WBG, and Paris Club on Low-Income Countries (LICs) debt, and the continued efforts of the Paris Club towards the broader engagement of emerging creditors.

We welcome the recent progress made on addressing the tax challenges arising from the digitalization of the economy. We endorse the Outline of the Architecture of a Unified Approach on Pillar One as the basis for negotiations and welcome the Progress Note on Pillar Two, both of which were agreed by the G20/OECD Inclusive Framework on Base Erosion and Profit Shifting(BEPS). We encourage further progress on both Pillars to overcome remaining differences and reaffirm our commitment to reach a consensus-based solution with a final report to be delivered by the end of 2020. We stress the importance of the G20/OECD Inclusive Framework on BEPS agreeing on the key policy features of a global and consensus-based solution by July 2020, which would form the basis of a political agreement. We reiterate the importance of international cooperation to complete this work and ensure tax certainty. We welcome the progress made on implementing the internationally agreed tax transparency standards.

We take note of the updated G20/OECD list of jurisdictions that do not comply with such standards. Defensive measures against listed jurisdictions will be considered. We continue to support tax capacity building in developing countries, including coordinating through the Platform for Collaboration on Tax. Wecall on all jurisdictions to sign and ratify the Multilateral Convention on Mutual administrative Assistance in Tax Matters.An open and resilient financial system, grounded in agreed international standards, is crucial to support sustainable growth. We remain committed to the full, timely and consistent implementation of the agreed financial reforms. We continue to evaluate the effects of reforms and look forward to the Financial Stability Board (FSB)’s evaluation of the effects of Too-Big To-Fail reforms. We will continue to identify, monitor and, as necessary, address vulnerabilities and emerging risks to financial stability, including those related to non-bank financing. According to the circumstances, macro-prudential policies can be part of the toolkit. We will continue to work to address unintended, negative effects of market fragmentation, including through regulatory and supervisory cooperation. We will also continue our efforts to enhance cyber resilience and look forward to the FSB’s toolkit of effective practices for cyber-incident response and recovery. We continue to monitor and address the causes and consequences of the withdrawal of correspondent banking relationships, and issues in remittance firms’ access to banking services.Mobilizing sustainable finance and strengthening financial inclusion are important for global growth and stability.

The FSB is examining the financial stability implications of climate change.We welcome private sector participation and transparency in these areas.We emphasize that markets need to transition away from LIBOR to alternative reference rates before end-2021. Therefore, urgent work is needed by the private sector, supported by the public sector, to manage this transition, given the risks that may arise if parties are insufficiently prepared for the expected discontinuation of widely used LIBOR benchmarks. Given the short time remaining for this transition to take place, substantial progress is needed in 2020 to address the potential financial stability risks. We ask the FSB to identify remaining challenges to benchmark transition by July 2020 and to explore ways to address them.We reiterate our view that technological innovations can deliver significant benefits to the financial system and the broader economy and we support the work on framing supervisory and regulatory issues for the digital era.

Accordingly, we welcome the inclusive approach of utilizing the FSB’s regional consultative groups, involving also the respective financial regulation standard setters, to consider the implications associated with the growing entry of BigTech in finance. We also ask the FSB to report on the different approaches to technology-enabled-solutions for regulation and supervision (RegTech and SupTech). We remain vigilant to potential risks arising from financial innovations, including those risks related to financial stability, consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism(CFT) as well as their macroeconomic implications, including monetary sovereignty issues.Building on the 2019 Leaders’ Declaration, we urge countries to implement the recently adopted Financial Action Task Force (FATF) standards on virtual assets and related providers.

We reiterate our statement in October 2019 regarding the so-called ‘global stablecoins’ and other similar arrangements that such risks need to be evaluated and appropriately addressed before they commence operation, and support the FSB’s efforts to develop regulatory recommendations with respect to these arrangements. To that end, we look forward to reports by the FSB, IMF, and the FATF and welcome the FATF’s statement that its AML/CFT standards apply. We recognize the need to enhance global cross-border payment arrangements to facilitate lower-cost and swiftertransfers, including for remittances. We ask the FSB, in coordination with the Committee on Payments and Market Infrastructures (CPMI) and other relevant standard-setting bodies and international organizations, to develop a roadmap to enhance global cross-border payment arrangements by October 2020.

We support the Global Partnership for Financial Inclusion (GPFI)’s emphasis on digital financial inclusion of underserved groups, especially women and youth, and small and medium-sized enterprises (SMEs). We welcome the progress on streamlining the GPFI work program and structure and ask the GPFI to update its Terms of Reference as per the endorsed “A Roadmap to 2020”.We reaffirm our support for the FATF, as the global AML and CFT standard-setting body for preventing and combating money laundering, terrorist financing and proliferation financing. We reiterate our strong commitment to tackle all sources, techniques and channels of these threats.

We reaffirm our commitment to strengthening the FATF’s global network of regional bodies,including by supporting their expertise in mutual evaluations, and call for the full, effective and swift implementation of the FATF standards worldwide. We support the ongoing actions by the FATF to strengthen the global response to proliferation financing. We ask the FATF to remain vigilant with respect to emerging financial technologies that may allow for new methods of illicit financing. We look forward to the FATF’s Strategic Review.

PARTICIPATING LEADERS

Saudi Arabia

King
King Salman bin Abdulaziz Al Saud

Host

Saudi Arabia

Crown Prince
Mohammad Bin Salman Al Saud

Host

Italy

Prime Minister
Giuseppe Conte

Host

Germany

Chancellor
Angela Merkel

Host

United Kingdom

Prime Minister
Boris Johnson

Host

South Africa

President
Cyril Ramaphosa

Host

United States

President
Donald Trump

Host

France

President
Emmanuel Macron

Host

Indonesia

President
Joko Widodo

Host

Australia

Prime Minister
Scott Morrison

Host

Japan

Prime Minister
Shinzō Abe

Host

Russia

President
Vladimir Putin

Host

Mexico

President
Andrés Manuel López Obrador

Host

Argentina

President
Mauricio Macri

Host

Taiwan

President
Tsai Ing-wen

Host

China (PRC)

President
Xi Jinping

Host

South Korea

President
Moon Jae-in

Host

Turkey

President
Recep Tayyip Erdoğan

Host

India

Prime Minister
Narendra Modi

Host

Vietnam

President
Nguyễn Phú Trọng

Host

possible

Invited guests

United Nations

António Guterres
Secretary-General

European Central Bank

Christine Lagarde
President

European Union

Donald Tusk
Council President

Association of Southeast Asian Nations

Dato' Paduka Lim Jock Hoi
Secretary General

Islamic Development Bank (IsDB)

Dr. Bandar M. H. Hajjar
President

Arab Monetary Fund ( AMF)

Dr. Abdulrahman A. Al Hamidy
Director General

International Monetary Fund

Kristalina Georgieva
Managing Director

Jordan

HM King Abdullah II Ibn Al-Hussein
King of Jordan

Switerzland

Ueli Maurer
President of Switerzland

Spain

Pedro Sánchez
President of Spain

Singapore

Lee Hsien Loong
Prime Minister

international organization guests

African Union Commission

Moussa Faki

Klaus Schwab
Founder and Executive Chairman

France

Laurent Fabius
Minister of Foreign Affairs and International Development

Robert Mugabe
President

Azerbaijan

Ilham Aliyev
President

Malaysia

Najib Raza
Prime Minister

Carsten Lexa
Chair

Sabic

Mr. Yousef Abdullah Al-Benyan
Chairman B20

Germany

Angela Merkel
Chancellor

Hong Kong

Carrie Lam
Chief Executive

New Partnership for Africa's Development

Dr. Ibrahim Assane Mayaki
Chief Executive officer

European Union

Ursula von der Leyen
Commission President

European Union

Donald Tusk
Council President

European Union

Charles Michel
Council President

Saudi Arabia

Mohammad Bin Salman Al Saud
Crown Prince

Arab Monetary Fund ( AMF)

Dr. Abdulrahman A. Al Hamidy
Director General

World Trade Organization

Roberto Azevêdo
Director General

Saudi Arabia

King Salman bin Abdulaziz Al Saud
King

Jordan

HM King Abdullah II Ibn Al-Hussein
King of Jordan

International Monetary Fund

Kristalina Georgieva
Managing Director

Dr Thoraya obaid
Member of the Board of Directors

Argentina

Axel Kicillof
Minister of the Economy

World Bank Group

David Malpass
President

Burkina Faso

Roch Marc Christian Kaboré
President

Chile

Sebastián Piñera
President

United States

Donald Trump
President

France

Emmanuel Macron
President

Senegal

Macky Sall
President

Rwanda

Paul Kagame
President

Egypt

Abdel Fattah el-Sisi
President

South Africa

Cyril Ramaphosa
President

Philippines

Rodrigo Duterte
President

Taiwan

Tsai Ing-wen
President

Mexico

Andrés Manuel López Obrador
President

South Korea

Moon Jae-in
President

China (PRC)

Xi Jinping
President

Indonesia

Joko Widodo
President

Russia

Vladimir Putin
President

Brazil

Jair Bolsonaro
President

Peru

Pedro Pablo Kuczynski
President

Peru

Martín Vizcarra
President

Vietnam

Nguyễn Phú Trọng
President

Argentina

Mauricio Macri
President

United States

Barrack Obama
President

France

François Hollande
President

Mexico

Enrique Peña Nieto
President

South Africa

Jacob Zuma
President

South Korea

Park Geun-hye
President

Brazil

Michel Temer
President

Brazil

Dilma Rousseff
President

Herman Van Rompuy
President

Turkey

Ahmet Davutoğlu
President

Turkey

Recep Tayyip Erdoğan
President

European Central Bank

Christine Lagarde
President

Islamic Development Bank (IsDB)

Dr. Bandar M. H. Hajjar
President

Spain

Mariano Rajoy
President

Kazakhstan

Nursultan Nazarbayev
President

Alberto Fernández
President Argentina

Global Talent Summit

Ana Rold
President and Founder

Spain

Pedro Sánchez
President of Spain

Switerzland

Ueli Maurer
President of Switerzland

European Union

Jean-Claude Juncker
President of the European Commission

Association of Southeast Asian Nations

Bounnhang Vorachith
President, Chair

African Union

Idriss Déby
President, Chairperson

Senegal

Macky Sall
President, president of New Partnership for Africa's Development

Australia

Scott Morrison
Prime Minister

Japan

Shinzō Abe
Prime Minister

United Kingdom

Boris Johnson
Prime Minister

Canada

Justin Trudeau
Prime Minister

Italy

Giuseppe Conte
Prime Minister

Spain

Pedro Sánchez
Prime Minister

India

Narendra Modi
Prime Minister

United Kingdom

Theresa May
Prime Minister

Papua New Guinea

James Marape
Prime Minister

Thailand

Prayut Chan-o-cha
Prime Minister

Singapore

Lee Hsien Loong
Prime Minister

Malaysia

Mahathir Mohamad
Prime Minister

New Zealand

Jacinda Ardern
Prime Minister

Italy

Matteo Renzi
Prime Minister

Australia

Malcolm Turnbull
Prime Minister

Australia

Tony Abbott
Prime Minister

Canada

Stephen Harper
Prime Minister

Zimbabwe

Robert Mugabe
Prime Minister

Japan

Shinzo Abe
Prime Minister

Italy

Paolo Gentiloni
Prime Minister

United Kingdom

David Cameron
Prime Minister UK

Singapore

Lee Hsien Loong
Prime Minister of Singapore

Italy

Paolo gentiloni
Prime minister

Association of Southeast Asian Nations

Lim Jock Hoi
Secretary General

Association of Southeast Asian Nations

Dato' Paduka Lim Jock Hoi
Secretary General

OECD

José Ángel Gurría
Secretary-General

United Nations

António Guterres
Secretary-General

Hassanal Bolkiah
Sultan

Saudi Arabia

Dr. Thoraya Obaid
W20 Chair

Ms. Salma Rashid Al-Rashid
W20 Sherpa

International Labour Organization

Guy Ryder
director-general