G20 Framework Working Group Meeting - Press Release

Framework Working Group Advances the G20 Action Plan

Riyadh, Kingdom of Saudi Arabia, September 24, 2020

The G20 Framework Working Group (FWG) met virtually on 24 September 2020 to advance the G20 Action Plan - Supporting the Global Economy through the COVID- 19 Pandemic. The Action Plan was endorsed by the G20 Finance Ministers and Central Bank Governors (FMCBG) during their meeting on 15 April 2020 with a commitment to regularly review, track implementation, and report on the Action Plan in upcoming FMCBG meetings and the G20 Leaders' Summit in November 2020.

The FWG meeting discussed how the economic situation and the global economic outlook has changed since the Action Plan commitments were made in April. Accordingly, FWG members worked on identifying areas to update the G20 Action Plan as agreed by the G20 Finance Ministers and Central Bank Governors in their meeting in July 2020.

During the meeting, Dr. Naif Alghaith - Saudi Policy Lead for the FWG, said, "The initial phase of the COVID-19 pandemic caused unprecedented declines in economic activities due to the great lockdown, market disruption, and the shutting down of major sectors of the global economy. In response, G20 members have agreed on an Action Plan, which sets out the key principles guiding our response and our commitments to specific actions to drive forward international economic cooperation as we navigate this crisis and look ahead to a robust and sustained global economic recovery. While the worst may be behind us, uncertainty still remains, and economic development is still evolving. For that, G20 Finance Ministers and Central Bank Governors agreed to update the G20 Action Plan to take into account the evolving economic and health situations.

Further information about the G20, including the Presidency Agenda and full program of events, can be found at www.g20.org

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