G20 pledges to strengthen global recovery

Kathmandu. Financial policymakers of the world’s 20 major economies on Saturday pledged to use “all tools”, including monetary, fiscal and structural ones, to strengthen global recovery amid growing concerns of further downward risks.

“The global recovery continues, but it remains uneven and falls short of our ambition for strong, sustainable and balance growth,” noted a communique issued after the two-day G20 finance ministers and Central Bank governors meeting here. RBI governor Raghuram Rajan along with additional finance secretary Dinesh Sharma attended the meeting.

The policymakers cited volatile capital flows, slumping commodity prices, escalated geopolitical tensions, a potential UK exit from the European Union and increasing refugees as major vulnerabilities of the global economy.

The gathering came amid weak economic growth worldwide and increasing financial volatility that saw frequent and drastic falls in the stock markets across the world. (TOI)