The meeting will discuss updates to the G20 action plan for supporting the global economy during the coronavirus pandemic

Leading discussion on measures to support rapid, sustainable global economic recovery, G20 Finance Ministers and Central bank governors (FMCBGs) will hold a virtual meeting on Wednesday.

“#G20 Finance Ministers and Central Bank Governors will meet on October 14, 2020, to discuss the global economic development & outlook and the possible policy response in order to safeguard against downside risks & support global economic recovery,” the official account of G20 Saudi Arabia tweeted.



The meeting will also discuss updates to the G20 action plan for supporting the global economy during the coronavirus pandemic, and the progress made in the G20 initiative to suspend debt service payments and the proposal to extend it to 2021.

The G20 Action Plan was devised earlier this year and it aims to strengthen international financial assistance to countries in need.

Co-chaired by Saudi Minister of Finance Mohammed Aljadaan, and the governor of the Saudi Arabian Monetary Authority Ahmed Alkholifey, the FMCBGs will also assess progress made on the G20 Debt Service Suspension Initiative (DSSI) that can provide over USD 14 billion in relief from bilateral creditors to DSSI-eligible countries, enabling them to redirect resources to fight the pandemic. They will explore a potential extension of DSSI in 2021 to further support countries in need.

In the spirit of advancing work towards a globally fair, sustainable, and modern international tax system, FMCBGs will discuss progress made by the G20/OECD Inclusive Framework on Base Erosion and Profit Shifting (BEPS) in addressing the tax challenges arising from the digitalization of the economy and the way forward.

The meeting will be held virtually keeping in mind the current Covid-19 situation.