G20 finance minister’s meet seeks global growth, anti-terrorism deals

Shanghai: Finance ministers and governors of central banks gathered at the G20 summit in Shanghai are continuing meetings on Saturday seeking deals to boost global economic growth, and to halt terrorist funding.

On the second day of the summit, 20 major developed and emerging economies will discuss the international financial architecture and reforms in the financial sector in a series of closed doors meetings, according to sources from the participating delegations, EFE news reported.

Global Economy Parallel to the formal meetings, the majority of those attending the Shanghai summit have planned an intense agenda of bilateral talks. The first of the morning sessions today (Saturday) will focus on the search for measures to promote a “strong, sustainable and balanced” growth in the world, and will also include discussions on investment and infrastructure.

The G20 representatives will discuss the global financial architecture, with special focus on the implementation of the new quota system of the International Monetary Fund (IMF). Another topic for discussion, during a working lunch, will be reforms in the financial sector and the international tax system. Finally, the last session will be devoted to cutting off financing of international terrorism and the launch of “green finance” to promote a more sustainable economy and fight against climate change.

Following this, the publication of the final declaration of the G20 financial meeting is expected to take place, which will be explained at a press conference. On Friday, at the inaugural meeting of G20, attendees discussed the global economic situation.

Before the formal start of the summit, Shanghai hosted several forums in which institutions such as the IMF and the Organisation for Economic Co-operation and Development urged these major economies to make more reforms to consolidate the recovery of the global economy.