G20 pledges to avoid 'premature withdrawal' of economic support

October 14, 2021: Finance ministers from the Group of 20 economies on Wednesday pledged to keep economic stimulus policies in place to ensure a recovery from the Covid-19 pandemic.

Amid ongoing risks, "We will continue to sustain the recovery, avoiding any premature withdrawal of support measures," the official communique said.

While the global recovery has been solid, the statement notes that it has been "highly divergent" among countries.

"We reaffirm our resolve to use all available tools for as long as required to address the adverse consequences of Covid-19, in particular on those most impacted," the statement said.

At the same time, officials are "closely" watching rising prices, the statement said.

The meeting is being held at a time when suppliers are struggling to meet renewed demand and bottlenecks are causing shortages of key materials and pushing prices higher, notably oil prices that have spiked above $80 a barrel for the first time in years.

Central banks "will act as needed to meet their mandates, including price stability, while looking through inflation pressures where they are transitory."

AFP/APP