“We agreed that any premature withdrawal of fiscal and monetary support should be avoided,” Daniele Franco, Italy’s finance minister, said after the video-linked meeting held by the G20 finance ministers and central bankers. The US is readying Sh190 trillion ($1.9 trillion) in fiscal stimulus and the European Union has already put together more than Sh400 trillion (Euros 3 trillion) to keep its economies through lockdowns. Scholz said Yellen told the G20 officials that Washington also planned to reform US minimum tax regulations in line with an OECD proposal for a global effective minimum tax. The G20 also discussed how to help the world’s poorest countries. On this front there was broad support for boosting the capital of the International Monetary Fund to help it provide more loans.

Source: Standard Digital February 27, 2021 19:38 UTC