The Group of Twenty strengthens IMF reserves and extends the freeze on debt service payments

According to a statement from the Group of Twenty, global financial leaders agreed on Wednesday (April 7) to increase the International Monetary Fund’s reserves of $ 650 billion and extend a freeze on debt service payments aimed at helping developing countries confront the Coronavirus pandemic.

The group’s finance ministers and central bank governors renewed a pledge to fight trade protectionism, a language not used since 2017 under pressure from the administration of former US President Donald Trump.

The statement adopted a tougher tone against climate change, a topic covered by the G20 data in a lighter tone during the Trump era, and showed progress in moving towards adopting a global minimum corporate tax by July, following steps within the Organization for Economic Cooperation and Development.