G20 pledge to avoid premature end to fiscal, monetary stimulus

FILE PHOTO: Employees wearing face masks work at a factory of the component maker SMC during a government-organized tour of its facility following the outbreak of the coronavirus disease (COVID-19), in Beijing, China May 13, 2020. REUTERS/Thomas Peter

BRUSSELS (Reuters) - The world’s financial leaders agreed on Friday they would avoid a premature withdrawal of fiscal and monetary stimulus that they have been providing to the world economy to help it survive the effects of the COVID-19 pandemic.

The Italian presidency of the G20 told a news conference the financial leaders agreed to step up their cooperation to deal with the still fragile and uneven recovery and to explore additional ways of helping poorer economies deal with the coronavirus.

Finance ministers and central bank governors of the world’s top 20 economies, called the G20, held a video-conference on Friday and the global response to the unprecedented havoc wreaked by the coronavirus on the economy topped their agenda.

Reporting by Jan Strupczewski