G20 Action Plan for COVID-19
04/15/2020The G20 finance ministers and central bank governors have published an Action Plan for the international response to the COVID-19 pandemic. The Action Plan covers the healthcare, economic and fiscal responses that G20 members have agreed to undertake, as well as measures to ensure a return to a strong and sustainable global economy, the provision of support to countries in need and the learning of lessons in preparation for future crises.
The economic and financial responses that G20 members have committed to implement include:
- Providing support to businesses (particularly SMEs) and households, to avoid long-term damage to the global economy;
- Providing targeted liquidity and funding support to businesses and SMEs;
- Ensuring that central banks undertake whatever actions are necessary to support their national economies and to coordinate with one another to preserve liquidity between economies; and
- Following the FSB’s guidance on responding to COVID-19, including by taking advantage of flexibility in financial standards and temporarily reducing operational burdens on firms and regulators.
The FSB is requested to support international coordination by continuing to share information, assess vulnerabilities and coordinate on policy issues, including where countries are taking advantage of flexibility in international standards to reduce operational burdens.
The G20 members also highlight their support for the measures taken by international organizations, including the International Monetary Fund (which has temporarily doubled access to its emergency facilities), World Bank and Regional Development Banks (which have collectively made more than $200bn of financial support available for emerging and low-income countries), as well as G20 members’ central banks.
View the G20's Communique and Action Plan.
Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.
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