Batakis asked the G20 to work in better financing conditions

Batakis asked the G20 to work in better financing conditions

Batakis participated as the main speaker in the session.

The Minister of Economy, Silvina Batakis, participated as the main speaker in a session where the Ministers of Finance and Presidents of Central Banks of the G20 discussed how to advance the sustainable finance agenda to strengthen the recovery, and foster sustainable growth in the global economy.

During his presentation on Friday night, Batakis stressed that “the pandemic has shown us that the recovery and long-term growth of our economies cannot come at any cost,” as reported on Saturday.

Batakis recalled that the limited fiscal space and the burden of foreign debt in many low- and middle-income countries can condition their development strategies

In this sense, the head of the Palacio de Hacienda affirmed that “it is essential to consider the different impacts of the transitions towards economies with low greenhouse gas emissions, and the need to guarantee access to long-term and affordable financing for the economies emerging market and low income countries.

Before the representatives of the G20, Silvina Batakis recalled that the limited fiscal space and the burden of foreign debt in many low- and middle-income countries can condition their development strategies.

Thus, he stressed that “transitions must be fair, but also inclusive, affordable and sustainable, incorporating a social perspective, in addition to macroeconomic, fiscal, financial and balance of payments considerations”.

Finally, the Minister of Economy stressed the need to “reform the international financial architecture to allow the development of sustainable local capital markets, and strategically guide and take advantage of public and private investments to promote transitions towards more resilient, sustainable and sustainable economies and societies. inclusive”.

The secretary of International Economic and Financial Affairs of the Ministry of Economy, Ramiro Ordoqui, also participated in the virtual meeting.

“Rising global inflation, and in particular food and energy prices, is increasing not only food and energy insecurity, but also global inequality”
In the previous meeting Batakis had with the representatives of the member nations of the G20, the minister highlighted the problem regarding inflation on a global scale that is currently taking place.

“The increase in global inflation, and in particular in food and energy prices, is increasing not only food and energy insecurity, but also global inequality”, something that, he stated, “occurs in a context of already growing inequalities inherited from the Covid-19 crisis and of the differences in the response capacity of the different economies”.

In this regard, he noted the need to work together to strengthen the economic recovery process, and encouraged his peers to make bold decisions to minimize the effects of the crisistaking into account that these will have an impact on the countries of the global south.



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