The annual meetings of the International Monetary Fund (IMF) and the World Bank were also an opportunity for the G20 finance ministers and central bank governors to get together.
G7 statements
On 12 October, the G7 finance ministers and central bank governors issued joint statements. You can download the statements in English here:
- G7 Finance Ministers and Central Bank Governors’ Statement on Climate Issues [pdf, 288KB]
- G7 Finance Ministers and Central Bank Governors’ Statement on the global economic impact of Russia’s war of aggression against Ukraine and G7 support to Ukraine [pdf, 328KB]
G7 Chair’s Statement
In addition, Germany issued a further statement as part of its G7 presidency:
Reports adopted by the G7
The G7 finance ministers and central bank governors have adopted two reports on cybersecurity.
- Find out more here.
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The international meetings took place in the shadow of current economic trends and multifaceted global challenges, especially
- the deteriorating growth outlook
- the high rate of inflation and related monetary policy tightening
- the adverse effects of Russia’s invasion of Ukraine
- the ongoing tangible impacts of the Covid-19 pandemic and supply chain problems
Prior to the meetings, the IMF issued its economic forecasts and recommendations in the World Economic Outlook, which was published on 11 October 2022. The fight against inflation is also one of the German Finance Ministry’s top priorities. Measures to counter inflation require sound and sustainable public finances. For this reason, the draft federal budget for 2023 aims to ensure that Germany regains compliance with constitutional debt rules in the coming year.
In addition to focusing on global economic trends, the talks also placed a spotlight on international debt as well as measures to provide relief to heavily indebted countries. Minister Lindner also attended a conference where he joined representatives from African countries along with other international partners to discuss debt-related issues, including ways to ensure the effective implementation of the G20 Common Framework for Debt Treatments. Detailed information on international strategies to fight debt is available here.
The international meetings also placed a special focus on the climate crisis as one of the primary macroeconomic and political challenges facing the world. The talks addressed efforts to fight climate change and global strategies to mitigate its consequences.