Following the pledged on Friday, in Jakarta, to commit $60 billion (about 52.8 billion euros) to support the countries most in need in the post-covid crisis recovery, in a joint communiqué after the two-day meeting, the G20 ministers and governors said they would seek to increase the commitment to $100 billion (about 888.3 billion euros) to accelerate the exit from the pandemic crisis.
ILO Convenes Global Forum on Post-COVID-19 Recovery
The G20 members are committed to ensuring "access to safe, timely, equitable, and affordable vaccines, especially for low and middle-income countries," said Governor Perry Warjiyo of the Bank Indonesia in a joint statement in a press conference.
The G20 members recognized that the global economic recovery is ongoing, but at a different pace among countries.
The members also recognised that rising food and energy prices, potential interest rate hikes, supply chain disruptions, climate change disasters, and rising geopolitical tensions are among factors contributing to uneven recovery.
"The G20 will continue to strive for concrete and transparent achievements in terms of encouraging the settlement of the poor and developing countries' debts through the adoption of a Common Framework," the joint statement read.
The finance ministers and central bank governors also reaffirmed the commitments of developed countries to immediately mobilize the joint climate finance of 100 billion U.S. dollars per year to meet the needs of developing countries as pledged at the Conference of the Parties of the UN Framework Convention on Climate Change. A committment that was supposed to be achieved by the year 2020.
The pledge from wealthy countries to allocate the annual climate finance to help developing nations tackle and adapt to global heating dates back to 2009, the 2020 deadline was established by the Paris Agreement.