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The G20 commits to maintaining aid as long as there is no stability

Washington, Oct 13 (EFE) .- The finance ministers and central bank governors of the G20 countries pledged this Wednesday in Washington not to “prematurely” withdraw aid measures in the face of the pandemic while stability is not guaranteed economical.

In a joint statement made public after their meeting this afternoon in the US capital, where the assembly of the International Monetary Fund (IMF) and the World Bank is held this week, the G20 economic ministers also stressed that they will continue to monitor the evolution of prices.

“We will continue to sustain the recovery and avoid any premature withdrawal of aid,” they said in the statement, which also speaks of the commitment to “preserve financial stability and long-term fiscal sustainability” to safeguard these economies from the risks of decline and the “negative side effects”.

Thus, central banks also pledged to continue to closely monitor inflation developments and to act “when necessary” to fulfill their mandates, which include price stability.

In the statement signed after the meeting held this afternoon, the ministers of the world’s main economies joined the agreement reached on October 8 at the OECD to establish a minimum corporate tax of 15% and distribute part of the profits in the countries where they are generated.

They stressed that said agreement establishes a “more stable and fair” international tax system and agreed on the need to put in place as soon as possible the rules and multilateral instruments that allow this commitment to be effective as of 2023, as already stated. also stressed at the OECD meeting.

They also noted their “determination” to work so that the pandemic is “under control” throughout the world “as soon as possible” and recalled the commitment of the G20 health officials to help developing economies and countries with lower incomes so they have access to vaccines and treatments against COVID-19.

The US Secretary of the Treasury, Janet Yellen, stressed the adherence of this country to what was agreed by the G20 ministers and said in a statement that the Government of Joe Biden will work “constructively” with Congress to try to include the “revolutionary” commitments. international tax authorities in their social spending package.

For his part, the EU Economic Commissioner, Paolo Gentiloni, stressed in another note that, while emerging from the “shadow” of the pandemic, the G20 countries have a “unique opportunity” to rebuild their economies on “new foundations” so that there is not just a recovery but “a new era of sustained and sustainable growth”.

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