On April 15, 2020, the Kingdom of Saudi Arabia, which assumes the 2020 G20 Presidency, organized a virtual meeting of the G20 Finance Ministers and Central Bank Governors in order to adopt the G20 Joint Statement and Action Plan on supporting the global economy through the Covid-19 pandemic. Vietnamese delegation led by SBV Deputy Governor Nguyen Thi Hong attended the Meeting as Chair of the ASEAN. The Deputy Governor also made a speech at the Meeting.
At the meeting, the SBV Deputy Governor welcomed and gave a high evaluation to the formulation of the G20 Action Plan on supporting the global economy through the Covid-19 pandemic, with a wide coverage from actions in the health sector, people’s well-being to supporting the economy, ensuring the systemic liquidity, financial stability, global supply chains, investments, as well as commitments on reducing the debt burdens for low-income countries. She also spoke highly of the efforts of the G20 and the international institutions in developing urgent supporting packages to support developing countries to have additional resources to cope with the Covid-19 pandemic. Moreover, the SBV Deputy Governor praised the efforts of the Financial Stability Board (FSB) and other international institutions in formulating the framework for coping with the Covid-19 pandemic in the areas of management, supervision and inspection of financial systems to ensure financial stability, thereby contributing to fighting off the pandemic.
Sharing the results of the Special ASEAN Summit on Coronavirus Disease 2019 on April 14, 2020, Deputy Governor Nguyen Thi Hong mentioned that the ASEAN leaders had emphasized that solidarity and mutual assistance among countries are the key to success to overcome the difficult period and put the interests of the people as the top priority, ensuring people’s well-being and livelihoods, promptly supporting and treating equally the citizens of the affected countries within and outside the ASEAN, including migrant workers, ensuring that nobody is left behind. The ASEAN leaders called on all partners, including the G20 countries and the international institutions, to provide further financial and technical assistance to help countries cope with the Covid-19 pandemic, including assistance to the proposed establishment of the ASEAN Covid-19 Response Fund.
Emphasizing the significance of the international cooperation in response to the Covid-19 pandemic, the SBV Deputy Governor requested the IMF, as the center of the global financial network, to coordinate with other international institutions and conduct measures for enhancing the early-warning mechanisms, and provide resources in order to help economies to stand steady against the shocks caused by the pandemic, as well as recommend policy solutions for regions and nations to rapidly recover the economic activities after the pandemic. She hoped that the international partners, including the G20 countries and the international institutions, to continue supporting Vietnam and sharing the information and experience in responding to the Covid-19 pandemic. On its side, Vietnam is willing to contribute resources, efforts and share its experience in coping with the pandemic in order to fight off the new coronavirus disease and restore the global economic growth.
In concluding the meeting, the Finance Ministers and Central Bank Governors released a Joint Statement affirming the G20 determination in responding to the new coronavirus disease, setting out a series of measures to cope with disease pandemic, and preparing conditions for restoring the economic growth after the pandemic has ended. The Meeting also adopted the G20 Action Plan on supporting the global economy through the Covid-19 pandemic, and the Debt Relief Initiative for the Heavily Indebted Poor Countries (HIPC).
Le Hang