G20 Leaders Against Withdrawing Measures To Boost COVID-Hit Global Economy

The declaration said that global economic activity was recovering at a solid pace due to the rollout of vaccines.

The G20 leaders pose for a photo in Rome.

(Photo Courtesy: Twitter / PMO India)

The G20 leaders on Sunday, 31 October, indicated that they were against withdrawing the support measures undertaken by several countries to boost the COVID-19-affected global economy, PTI reported.

In a declaration issued at the end of the G20 summit, the leaders committed themselves to work together, monitor, and address the challenges facing the global economy and work towards stabilising it.

The G20 Rome Declaration said that the global economic activity was recovering at a solid pace due to the quick rollout of vaccines and overall policy support.

However, the declaration said that recovery rate varied across and within countries and faced the threat of downside risks, mainly the spread of the news variants of COVID-19 and the uneven pace of vaccination.

"We remain vigilant to the global challenges that are impacting on our economies, such as disruptions in supply chains. We will work together to monitor and address these issues as our economies recover and to support the stability of the global economy," said the G20 Rome Declaration.

The G20 leaders had met in Rome on Saturday and Sunday.

"We look forward to the forthcoming review of the IMF's institutional view on the liberalisation and management of capital flows, informed, among others, by the Integrated Policy Framework. We remain committed to revisiting the adequacy of IMF quotas and will continue the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, by 15 December 2023," the declaration said.

'If Glasgow Fails, the Whole Thing Fails': UK PM Boris Johnson

As the G20 nations pledged on Sunday to work towards the key goal of limiting global warming to 1.5 degrees Celsius, British Prime Minister Boris Johnson indicated that the decision was not sufficient.

According to news agency AFP, Johnson, who is hosting the 26th United Nations Climate Change conference COP26 summit, said that the pledge taken by the world leaders after two days of talks in Rome was "not enough," adding, "If Glasgow fails, the whole thing fails."

The leaders of several countries around the world are scheduled to discuss issues related to climate change in Glasgow, as part of the crucial 6th United Nations Climate Change (COP26) conference.

United Nations Secretary General Antonio Guterres also articulated his disappointment at the outcome of the G20 summit, saying he left Rome "with my hopes unfulfilled – but at least they are not buried," as per AFP.

(With inputs from PTI.)