The Paris Forum and the Saudi G20 Presidency are jointly organizing a virtual high-level ministerial conference on “Tackling the Covid-19 crisis: restoring sustainable flows of capital and robust financing for development", 8 July 2020. This conference will discuss international financial capital flows, including its impact on debt issues, the financing of the economies, as well as the development agenda. Follow live on this page the opening remarks, 1st plenary session and concluding remarks.
You can follow live on this page:
From 12:00 to 12:15 UTC (14:00-14:15 Paris time): opening remarks by Mr. Bruno Le Maire, Minister of Economy and Finance, France and Mr. Mohammed Aljadaan, Minister of Finance, the Kingdom of Saudi Arabia.
From 12:15 to 12:45 UTC (14:15 to 14:45 Paris time): 1st Plenary session "Setting the Stage - Initial Presentations", including:
- Ms. Kristalina Georgieva (IMF Managing Director) on assessing the current situation and possible remedies
- Mr. David Malpass (President of the World Bank Group) on assessing the current situation of developing countries
- Mr Hong Nam Ki (Minister of Finance, South Korea)
- Ms Vera Daves de Sousa (Minister of Finance, Angola)
- Mr Arturo Herrera, Minister of Finance and Public Credit, Mexico
From 14:45 to 15:00 UTC (16:45 to 17:00 Paris time): concluding remarks, summarizing the main takeaways from the exchanges.
Other parts of the Conference will not be livestreamed (see the conference program >> )
Opening remarks and first plenary session
This Conference will bring together international policy leaders to discuss how best the international community could devise solutions to address the current situation of capital outflows at unprecedented scale, in a context where potential downgrades of further emerging markets could exacerbate the challenge. Exceptional measures have been taken to address the COVID-19 pandemic and its impacts, including by implementing unprecedented fiscal, monetary and financial stability actions and ensuring that the International Financial Institutions (IFIs) can provide critical support to countries in need. Beyond official flows, it is also very important, at the current juncture, to ensure the resilience of private flows, an issue which is of particular importance for emerging market economies, through adequate policy tools and coordination among actors.
A stock take will be provided on debt, in the context of the debt service suspension initiative, but also of further debt challenges in a number of countries including some emerging markets. Participants will also discuss how to facilitate the recovery from the crisis and restore strong, sustainable, balanced and inclusive growth. The Conference will aim at discussing policy options to address these challenges.
The conference will gather 39 countries, of which 23 represented by their Minister or Central Bank Governor, as well as International Organizations, Senior Representatives from the private sector and prominent scholars. Participants will include Finance Ministers and Central Bank Governors from G20 and non G20 countries; Heads of International Financial Institutions; Chief Executives of private financial institutions; and representatives of key think tanks and the academia.
The outputs of the Conference will feed into the international ongoing reflection and in particular the July 2020 G20 Finance Ministers and Central Bank Governors’ meeting.