The meeting of Finance ministers and the central bank governors of G20 nations held last night has clearly indicated member countries’ resolve to improve business environment to augment growth, and promote transparency to prevent tax evasion across borders.
The participating ministers expressed their concern over terrorist acts, and member nations were called upon to share information and freeze terrorist assets as per the international norms. It was thought that economic prosperity can come only in peaceful environment. It was felt that global economic recovery was still uneven, and the communiqué called upon nations to be determined to face economic challenges, and achieve the common objectives sustainable, strong, and balanced growth. Member nations were exhorted to create more jobs and inclusiveness.
The continuing sharp decline in oil prices came for discussion, and it was surmised that it will boost global economic growth along with various other implications. The falling prices should enable countries to give a new orientation to their economic policies, and may have a relook on fossil fuel subsidies to promote investments. Member nations vowed to resist protectionism, stick to exchange rate commitments, and mange spillovers due to their domestic policies. In order to achieve their common objective of growth, they pledged to boost investments in their countries through ambitious and concrete investment strategies that will include sets of policy measures facilitating financial intermediation and further improvement in business environment. They expressed deep concern over delay in reforms of IMF quota, and urged upon the U.S. to ratify 2010 reforms instantaneously. Such emerging nations like India, Brazil, China, and Russia have been demanding increased voting rights in IMF which would be reflective of their increased share in the global economy.