G20 Officials Urge Structural Overhauls
(MENAFN) Finance leaders and heads of central banks from the G20 warned on Friday that the international economy is grappling with intricate obstacles and major unpredictability, underlining the urgency of enacting reforms.
In a collective announcement, G20 finance chiefs acknowledged that, given the elevated levels of sovereign debt and financial strain, it is important to boost long-term economic capacity by implementing macroeconomic strategies focused on expansion.
These include strengthening financial reserves, maintaining sound fiscal policies, promoting both government and private sector investments, and initiating reforms that enhance efficiency.
"Structural reforms are essential for generating strong economic growth and creating more and better jobs," the statement read.
The statement further urged the IMF to continue evaluating substantial economic disparities and, if warranted, to address them through tailored national reforms and international collaboration.
This should be done fairly and in ways that support a liberalized global market without jeopardizing lasting development.
It also highlighted the importance of enhancing global cooperation and reaffirmed that the autonomy of central banks is critical for maintaining price steadiness.
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