RIYADH — The fourth G20 Finance Ministers and Central Bank Governors (FMCBG) meeting will be held virtually on Oct. 14 under the Saudi G20 Presidency to discuss the global economic development and support a swift and sustained global economic recovery.

FMCBGs will also discuss updates to the G20 Action Plan — Supporting the Global Economy through the COVID-19 Pandemic (the G20 Action Plan) — in addition to the progress made on the G20 Debt Service Suspension Initiative and its proposed extension into 2021.

The meeting will be co-chaired by Finance Minister Mohammed Al Jadaan, and the Saudi Arabian Monetary Authority (SAMA) Governor Dr. Ahmed Al Kholifey. After the conclusion of the meeting, a virtual press conference will be conducted at 6:15 p.m. Riyadh time (UTC+3)

On 1April 15, 2020, FMCBGs endorsed the G20 Action Plan which sets out the key principles guiding the G20 response, and commitments to specific actions to drive forward international economic cooperation to navigate the crisis while paving the way for a robust, sustained and inclusive global economic recovery.

Recognizing that members are in different stages of responding to the crisis and that the global economic outlook continues to evolve, FMCBGs will discuss updates to the G20 Action Plan to ensure that the G20 promptly respond to the evolving health and economic situation and take steps to support the return to strong, sustainable, balanced and inclusive growth.

The G20 Action Plan aims also to strengthen international financial assistance to countries in need. FMCBGs will 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. FMCBGs will also discuss G20 financial-sector issues under the 2020 priority of “Framing Supervisory and Regulatory Issues for the Digital Era”.

Furthermore, 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.

Traditionally, the October G20 Finance Ministers and Central Bank Governors meeting is held in Washington D.C. on the sidelines of the International Monetary Fund and World Bank Group Annual Meetings. Given the circumstances, G20 meetings are currently held virtually.

The media is invited to submit questions for the virtual press conference online via the official form at https://bit.ly/3lAkiOJ or by emailing G20Media@saudisecretariat.gov.sa directly.

All questions from the media will be submitted to the press conference moderator. Every attempt will be made to answer as many questions as possible during the allocated timeframe.

The press conference will be live-streamed on Twitter at https://twitter.com/g20org as well as the IMF/WB Annual Meetings Official Website at https://meetings.imf.org/en/2020/Annual. — SPA/PRNewswire