(Washington) The finance ministers and central bankers of the G20, meeting in Washington, pledged Wednesday to avoid “any premature withdrawal” of support for the economy, while closely monitoring inflationary pressures.
“We will continue to support the recovery, avoiding any premature withdrawal of support measures, while preserving financial stability and long-term fiscal sustainability,” according to a statement released after the meeting.
Central banks are also committed to “closely monitor price developments” and to communicate transparently.
The commitment to help the economy comes as inflation accelerated around the world as demand rebounded from the 2020 recession.
All eyes are on the main central banks, including the US Federal Reserve (Fed), which is due to decide in November whether to start cutting aid.
The big money-makers are meeting in Washington on the occasion of the fall meetings of the International Monetary Fund (IMF) and the World Bank.
They stressed that they would use “all the tools available for as long as necessary” to support the people most affected by the crisis caused by the pandemic: women, young people and undeclared and low-skilled workers.
The IMF, which lowered its forecast for global growth to 5.9% for this year from 6% in July, has warned of the big difference in the recovery from sluggish vaccination in developing countries.
On immunization, they will work “to help address bottlenecks and tool shortages to fight COVID-19 in low- and middle-income countries over the coming months.”
“We reaffirm our commitment to ensure safe, equitable and affordable access to vaccines, therapeutics and diagnostics,” they stressed.