- Prime Minister Draghi
- Excellencies
I welcome the G20 Finance Ministers and Central Governors’ commitment to support the countries most affected by the Covid-19 pandemic.
The International Monetary Fund’s newly allocated Special Drawing Rights of $650 billion is a positive step towards addressing liquidity shortfalls, even if one would say more is needed.
Only $21 billion of these SDRs were channeled to low-income countries. A further voluntary reallocation of SDRs is called for, based on need. We appreciate countries that have already pledged to do so.
This will result in a faster and more sustainable recovery from the pandemic for countries that do not have the ability to do fiscal and monetary stimulus.
Extra fiscal space will support women and youth by providing them with skills and jobs, and put them back at the centre of growth.
Even before the pandemic, the world was off-track with the Sustainable Development Goals. Getting back on track will require focus and political commitment.
Trade is a key pathway to prosperity.
Restoring the ambition of the World Trade Organization is an imperative for us all, after years of stagnation in global trade negotiations.
As emphasized by the director-general, Ngozi Okonjo-Iweala, the upcoming WTO Ministerial Conference next month is a chance to come together and get some important things done.
Allow me to close with a word of appreciation for the G20 Compact with Africa launched under the German presidency in 2017.
Chancellor Merkel has sustained this initiative since then, creating new and productive links for Africa and with Africa, and we hope that this work will be carried forward.
I thank you for your kind attention.