On October 14, 2020, the Meeting of Finance Ministers and Central Bank Governors of the world's largest advanced and emerging economies – the G20 – was commenced virtually on the sidelines of the IMF/WB Annual Meetings 2020. Deputy Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) attended and delivered a speech at the Meeting.
SBV Deputy Governor Nguyen Thi Hong speaks at the Meeting
Appreciating the G20's leading role in the fight against the Covid-19 pandemic, the SBV Deputy Governor said that the G20 had made strong commitments to and taken concrete actions for protecting people's health and lives, facilitating global trade and investment, supporting those affected, especially small and medium enterprises (SMEs), improving the resilience of the economies and ensuring financial stability. The Deputy Governor highly appreciated the G20 for having issued the G20 Action Plan to support the global economy during the Covid-19 crisis with comprehensive measures to cope with Covid-19 and to recover economic growths, as well as the Debt Service Suspension Initiative (DSSI) to help low-income countries overcome the negative impacts of the pandemic. In addition, Deputy Governor Nguyen Thi Hong also welcomed the G20's readiness to extend the DSSI to 2021, thereby giving low-income countries more time and space to cope with the pandemic, enhancing the resilience of the economy, creating a better foundation for the post-pandemic recovery process.
Facing complicated and unpredictable developments of the pandemic, the SBV Deputy Governor suggested that governments and central banks of member states continue to maintain the current fiscal and monetary support policies, while preparing for the gradual withdrawal of those support policies after the pandemic. The Deputy Governor also called on countries to maintain and strengthen global policy cooperation and coordination at regional and international levels in response to the Covid-19 crisis.
Overview of the Meeting at Hanoi broadcast point
Sharing the results of ASEAN cooperation since the beginning of 2020, the Deputy Governor said that at the ASEAN Finance Ministers’ and Central Bank Governors’ Meeting on October 2, 2020, the ASEAN Member States agreed to promote regional economic and financial integration, enhance sustainable and inclusive finance, digital transformation, and promote ASEAN payment connectivity, etc. In light of the fact that the G20 Finance Ministers and Central Bank Governors’ Meeting is expected to endorse the substances of financial inclusion and sustainable infrastructure, payment connectivity, promoting application of technology in the financial sector, and in the management, inspection and supervision of the financial systems, etc., which are similar to ASEAN's interested topics, the SBV Deputy Governor mentioned that there is a huge potential for cooperation between ASEAN and the G20, as well as with each of the G20 members. The SBV Deputy Governor called on the G20 to join hands and coordinate with ASEAN in the development and implementation of the cooperation programs, sharing information and experience on matters of mutual interest, assisting ASEAN in coping with Covid-19 as well as in post-pandemic economic recovery, and promoting regional economic integration.
The Delegates attending the virtual Meeting at different broadcast points (screenshot)
Toward the end of the Meeting, the G20 Finance Ministers and Central Bank Governors adopted a Joint Statement affirming the determination of the G20 in responding to the Covid-19 pandemic and recovering the global economy to a strong, sustainable, balanced and comprehensive growth trajectory; promoting the application of technology in the financial sector and in the management, inspection and supervision of the financial systems; enhancing payment connectivity on a global scale and strengthening the legal and regulatory framework for crypto-currencies. The Meeting also adopted the G20 Action Plan –Supporting the Global Economy through the COVID-19 Pandemic, and provided updates on areas related to infrastructure financing, environmental protection and sustainable development.
VA