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G20 Information Centre
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The G20 Ministerial Commitments, 1999-2009

Compiled by Jenilee Guebert, G20 Research Group
Commitments contained in the communiqués
issued at G20 meetings of finance ministers and central bank governors

• 2009: Horsham, United Kingdom, March 14
• 2008: Sao Paulo, November 8-9
• 2007: Kleinmond, South Africa, November 17-18
• 2006: Melbourne, Australia, November 18-19
• 2005: Xianghe, China, October 15-16
• 2004: Berlin, Germany, November 20-21
• 2003: Morelia, Mexico, October 26-27
• 2002: Delhi, India, November 23
• 2001: Ottawa, Canada, November 16-17
• 2000: Montreal, Canada, October 25
• 1999: Berlin, Germany, December 15-16




































Sao Paolo






* indicates that the meeting was a "special" meeting, as opposed to the annual fall meeting.

Annexes are included only when they introduce a completely new idea. They are not included when they simply go into greater detail to explain commitments made in the communiqués.
Individual country commitments are not included in the overall list of G20 commitments. Only commitments that apply to all G20 members are included.

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Shanghai, China
February 26-27, 2016

G20 Finance Ministers and Central Bank Governors Meeting
Shanghai, February 27, 2016
Complied by: Sarah Scott 28/02/2016
N= 35


G20 Finance Ministers and Central Bank Governors Meeting
Shanghai, February 27, 2016


We will continue to monitor global economic and financial developments closely.


We will use all policy tools – monetary, fiscal and structural – individually and collectively to achieve these goals.


Our fiscal strategies aim to support the economy and we will use fiscal policy flexibly to strengthen growth, job creation and confidence, while enhancing resilience and ensuring debt as a share of GDP is on a sustainable path.


We reaffirm the role of mutually-reinforcing macroeconomic and structural policies to buttress our efforts to achieve strong, sustainable and balanced growth.


To enhance our readiness to respond to potential risks, we will continue to explore policy options that the G20 countries may undertake as necessary to support growth and stability.


We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. We will consult closely on exchange markets. 


We reaffirm our previous exchange rate commitments, including that we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes.


We will resist all forms of protectionism.


We will carefully calibrate and clearly communicate our macroeconomic and structural policy actions to reduce policy uncertainty, minimize negative spillovers and promote transparency.


Building on past country- specific commitments, we are committed to further enhancing the structural reform agenda, including by developing a set of priorities and guiding principles as a reference for G20 reform efforts, as well as by creating an indicator system to further improve assessing and monitoring of the progress of structural reforms and their adequacy to address structural challenges, taking into account the diversity of country circumstances. This enhanced structural reform agenda will be incorporated into the existing work stream under the Framework for Strong, Sustainable and Balanced Growth.


In order to enhance the efficiency of our efforts, we will combine our investment strategies with growth strategies and remain committed to their timely and effective implementation to accomplish our goals.


We will review the combined strategies, including through enhanced peer review, and will adjust them as necessary to ensure progress towards our collective growth ambition and our overarching objective of strong, sustainable and balanced growth.


Recognizing the importance of trade and investment for growth and their recent weakness, we will explore potential policy measures in these areas, with support of the IOs.


We will continue to take steps to promote greater inclusiveness and reduce excessive global imbalances.


We reaffirm our commitment to advancing the investment agenda with focus on infrastructure both in terms of quantity and quality aspects.


We will launch a global infrastructure connectivity alliance initiative to enhance the cooperation and synergy of infrastructure programs.


We support the development of a guidance note on recommended policy steps that could contribute to diversified financing instruments for infrastructure and SMEs with special attention to equity financing by promoting capital markets development, engaging institutional investors, encouraging implementation of G20/OECD corporate governance and SME financing principles and promoting infrastructure investments as an asset class.


We support the timetable for completing the IMF's 15th General Review of Quotas, including a new quota formula, by the 2017 Annual Meetings, and reaffirm our commitment to a strong, quota-based and adequately resourced IMF.


We support the World Bank Group (WBG) to implement its shareholding review according to the agreed roadmap and timeframe, with the objective of achieving equitable voting power over time.


We will continue to promote the orderliness and predictability of sovereign debt restructuring processes and strengthen debt sustainability frameworks.


Given the current development in the global economy, we will better monitor capital flows, including more timely identification of risks, and take stock of and review policy tools and frameworks as appropriate to address challenges arising from large and volatile capital flows, drawing on country experiences.


We welcome the completion of the IMF's 2015 Review of the Method of Valuation of the Special Drawing Rights (SDR) and support further work to examine the possible broader use of the SDR and on local currency bond market.


We support the work by the Basel Committee to refine elements of Basel III framework to ensure its coherence and maximize its effectiveness without further significantly increasing overall capital requirements across the banking sector.


We will continue to monitor and assess reform implementation and effects, including to address any material unintended consequences, including for emerging market and developing countries.


We support the work underway to improve the assessment methodology for global systemically important insurers and the further progress in developing the Insurance Capital Standard according to the agreed timeline.


We will review holistically changes in market liquidity and impact on market stability, and we will consider policy measures if necessary.


We remain committed to strengthen the financial inclusion agenda.


We reiterate our commitment to timely implementation of the BEPS project, and continue to monitor and address BEPS-related issues in order to ensure tax fairness and a level playing field.


We support that the specific challenges faced by developing countries in BEPS implementation should be appropriately addressed under the framework.


We remain committed to implementing the standard for information exchange on request as well as for Automatic Exchange of Information (AEOI), and call on all financial centers and jurisdictions to do so by 2017 or at the end of 2018.


We recognize the role of tax policy in achieving sustainable economic growth, and will explore this issue further at the G20 Tax Symposium to be held in July.


We recognize the significant negative impact of illicit financial flows on all our economies, and we continue to take forward the work of the G20 on this theme.


We will intensify our efforts to tackle all sources, techniques and channels of terrorist financing and will enhance our cooperation and exchange of information


We reaffirm our commitment to implementing the 2030 Agenda for Sustainable Development.


We reaffirm our commitment to rationalize and phase out inefficient fossil fuel subsidies that encourage wasteful consumption, over the medium term, recognizing the need to support the poor.


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Horsham, United Kingdom
March 14, 2009

Restoring Global Growth

2009-1: We commit to fight all forms of protectionism and maintain open trade and investment.

2009-2: We reaffirm our commitment to take all necessary actions to ensure the soundness of systemically important institutions.

2009-3: We are committed to deliver the scale of sustained effort necessary to restore growth, and call on the International Monetary Fund (IMF) to assess the actions taken and the actions required.

2009-4: We will ensure the restoration of growth and long-run fiscal sustainability.

2009-5: Interest rates have been cut aggressively in most countries, and G20 central banks will maintain expansionary policies as long as needed, using the full range of monetary policy instruments, including unconventional policy instruments, consistent with price stability.

2009-6: We are committed to helping emerging and developing economies to cope with the reversal in international capital flows.

2009-7: We agreed on the urgent need to increase IMF resources very substantially. This could include further bilateral support, a significantly expanded and increased New Arrangements to Borrow (NAB), and an accelerated quota review.

2009-8: We should also ensure that all Multilateral Development Banks have the capital they need, beginning with a substantial capital increase for the Asian Development Bank, and put it to best use to help the world’s poorest.

Strengthening the Financial System

2009-9: We have also agreed to: regulatory oversight, including registration, of all Credit Rating Agencies whose ratings are used for regulatory purposes, and compliance with the International Organisation of Securities Commissions (IOSCO) code

2009-10: [We have agreed to:] full transparency of exposures to off-balance sheet vehicles;

2009-11: [We have agreed to:] the need for improvements in accounting standards, including for provisioning and valuation uncertainty;

2009-12: [We have agreed to:] greater standardisation and resilience of credit derivatives markets;

2009-13: [We have agreed to:] the FSF’s sound practice principles for compensation;

2009-14: [We have agreed to:] and the relevant international bodies identify non-cooperative jurisdictions and to develop a tool box of effective counter measures.

2009-15: Emerging and developing economies, including the poorest, should have greater voice and representation and the next review of IMF quotas should be concluded by January 2011.

2009-16: The package of quota and voice measures decided in April 2008 should be swiftly implemented.

2009-17: World Bank reforms should be completed by the Spring Meetings 2010.

2009-18: The heads of the IFIs should be appointed through open, merit based selection processes.

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Sao Paulo, Brazil,
November 8-9, 2008

2008-1: The G20, with its broad representation of major systemically important economies, has a critical role to play in ensuring global financial and economic stability, and, with that purpose, is committed to enhancing collaboration.

2008-2: We will continue to work together to take all necessary actions to reduce this volatility and restore normal functioning of money and credit markets in both advanced and emerging market countries.

2008-3: We agreed that all countries must address the risks associated with excessive leverage and improve their regulatory and supervisory regimes in order to deliver improved risk assessment and management by financial institutions,

2008-4: [We agreed] to enhance transparency and accountability in financial markets,

2008-5: [We agreed ] as well as to strengthen international cooperation to identify and respond preemptively to national and international systemic risks.

2008-6: Furthermore, we recognized the need to improve the supervision and governance of financial institutions, at both national and international levels. In this regard, we should consider ways of enhancing the identification of systemically important institutions and ensure proper oversight of these institutions, including credit rating agencies.

2008-7: We should ensure that all sectors of the financial industry, as appropriate, are regulated or subjected to oversight.

2008-8: We agreed that it is important to address the issue of pro-cyclicality in financial market regulations and supervisory systems.

2008-9: We also agreed that financial institutions should have common accounting standards and clear internal incentives to promote stability and that action needs to be taken, through voluntary effort or regulatory action, to avoid compensation schemes which reward excessive short-term returns or risk taking.

2008-10: Regulators and supervisors should enhance their vigilance and cooperation with respect to cross-border flows.

2008-11: We affirmed our determination to take all necessary steps to foster non-inflationary growth in a stable and sustainable manner according to the needs and available instruments in our respective countries, including through monetary and fiscal policy.

2008-12: We recognized the need to support the efforts of the emerging economies and, especially, to help them find additional resources for their development.

2008-13: We urged all countries to resist protectionist pressures, whether in respect of trade or investment, and reiterate our strong support for a prompt and ambitious conclusion of the Doha Development Round of trade negotiations.

2008-14: One of the most deleterious aspects of the current crisis is the freeze in the private credit and equity markets and the tendency of capital to flow back to where the current crisis originated. We should explore ways to restore emerging and developing countries’ access to credit and resume private capital flows which are critical for sustainable growth and development, including ongoing infrastructure investment.

2008-15: Some countries are also considering additional fiscal measures to stimulate the economy and we agreed that countries must use all their policy flexibility consistent with their circumstances, to support sustainable growth, while we recognize the importance of fiscal sustainability for macroeconomic stability and growth.

2008-16: It is essential that the recent gains in reduction of poverty and social inequality are not set back by the financial crisis and global economic slowdown.

2008-17: Furthermore, in cases where severe market disruptions have limited access to the necessary financing for counter-cyclical fiscal policies, multilateral development banks must ensure arrangements are in place to support, as needed, those countries with a good track record and sound policies.

2008-18: We agreed on the importance of maintaining official flows, including aid flows, to these countries in line with existing commitments and urge all multilateral development banks to work to sustain the momentum of infra-structure investment for development in low income countries.

2008-19: We underscored that the Bretton Woods Institutions must be comprehensively reformed so that they can more adequately reflect changing economic weights in the world economy and be more responsive to future challenges.

2008-20: Emerging and developing economies should have greater voice and representation in these institutions.

2008-21: We emphasized our commitment to further reform the Bretton Woods Institutions in order to increase their legitimacy and effectiveness.

2008-22: Such reforms should also take into account the interests of the poorest countries and reflect their distinct mandates.

2008-23: To meet this task, we should review the adequacy of the resources of the IMF, the World Bank Group and other multilateral development banks and stand ready to increase them where necessary.

2008-24: We agreed that we must draw policy lessons from the current crisis and take all necessary steps to restore market confidence and stability and to minimize the risk of a future crisis.

2008-25: We also underline the importance of strengthening the IMF surveillance and policy advice leading to appropriate and timely macroeconomic policy responses from all countries.

2008-26: In response to the challenges presented by the global financial situation, and recognizing the global nature of financial markets, we believe that the FSF must expand to a broader membership of emerging economies.

2008-27: We agreed that the G20 plays a vital role in responding to challenges facing the world economy and must maximize its effectiveness. G20 Communiqué, October 11, 2008, Washington, D.C.

2008-1: They [the G20] committed to using all the economic and financial tools to assure the stability and well functioning of financial markets.

2008-2: They [the G20] also committed to ensuring that actions are closely communicated so that the action of one country does not come at the expense of others or the stability of the system as a whole.

2008-3: They [the G20] endorsed the Communiqué of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund issued today.

2008-4: They [the G20] will remain engaged and in close contact and look forward to meeting again in São Paulo, Brazil, on 8 and 9 November, when they will further examine these and other issues.

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Kleinmond, South Africa
November 17-18, 2007

2007-1: We reiterated our collective determination to achieve balanced and sustainable growth.

Global Outlook

2007-2 Monetary authorities in G20 countries will need to assess carefully the inflation outlook in light of both tight conditions in commodity markets and the downside risks to growth.

2007-3: We also agreed that an orderly unwinding of global imbalances, while sustaining global growth, is a shared responsibility involving: steps to boost national saving in the United States, including continued fiscal consolidation; further progress on growth-enhancing reforms in Europe; further structural reforms and fiscal consolidation in Japan; reforms to boost domestic demand in emerging Asia, together with greater exchange rate flexibility in a number of surplus countries; and increased spending consistent with absorptive capacity and macroeconomic stability in oil-producing countries.

2007-4: The need to address rising pressures on health and social security spending and infrastructure was also stressed.

2007-5: We agreed to pursue further work to improve our understanding of these issues and their application to G20 members, in the year ahead.

2007-6: We reaffirmed our commitment to maintain open trade and investment regimes and to resist protectionist pressures.

2007-7: We committed to working with our trade authorities to reach a rapid and successful conclusion to Doha, to promote open and rules-based trade and investment regimes, improve productivity, create jobs, alleviate poverty and spur competition.

Fiscal Elements of Growth and Development

2007-8: We resolved to explore how best these lessons of shared experience can be adapted in our member countries to create fiscal space, and to use it more effectively

2007-9: We agreed to do further work on assessing mechanisms to improve the efficiency and effectiveness of government expenditure.

2007-10: In addition, a range of public services is critical for economic development, including social and economic infrastructure, institution building, and human capital and skills development; and agreed that it would be useful to explore further the identification of those needs, the returns to investing in them, and the most effective ways of implementing policy and institutional solutions to delivering them.

2007-11: We agreed to continue this discussion next year, emphasizing the quality and efficiency of public expenditure, macroeconomic stability and debt sustainability, as well as assessing the role of counter-cyclical fiscal policies as a stabilising and growth-sustaining tool.

Commodity Cycles and Financial Stability

2007-12: We reiterated our agreement from 2006 that well-functioning markets will support investment in new supply, bring forth efficiencies and new technologies, encourage the use of economically efficient renewable energy sources, and allow knowledge and resources to flow across borders.

2007-13: we encouraged broad participation in the Extractive Industries Transparency Initiative (EITI), on a voluntary basis.

2007-14: We reiterated our support for the Joint Oil Data Initiative (JODI) and look forward to extended, deeper coverage.

2007-15: We agreed that among G20 member countries, education of both public and private sector officials is needed to further promote the use of hedging strategies.

Bretton Woods Reform

2007-16: Building on our statement on Reforming the Bretton Woods Institutions, issued in 2005 and following our work in 2006, we reiterated our commitment to strengthening the credibility, effectiveness and legitimacy of the International Monetary Fund (IMF) and the World Bank.

2007-17: We reiterated that the reform should enhance the representation of dynamic economies, many of which are emerging market economies, whose weight and role in the global economy have increased.

2007-18: We also reiterated our commitment to continuing our discussion in order to develop a consensus within the timeframes set by the Governors in 2006.

2007-19: We encourage the Executive Board to continue its work in order to allow agreement on all elements of the package by Spring 2008.

2007-20: We reaffirmed our strong commitment to continue contributing to the reform efforts of the two institutions.

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Melbourne, Australia
November 18-19, 2006

Global outlook

2006-1: We are determined to implement these policies [maintaining strong world growth and containing inflation, getting the global economy to get policy settings right, continuing the normalisation of monetary policy underway in many G20 countries, ensuring that public-sector balance sheets are not vulnerable to slower revenue growth and higher expenditure when growth rates resume more normal trajectories, and that there is sufficient room for policy to respond if growth slows more sharply than currently anticipated], which are also required to enable global imbalances between countries to unwind in an orderly manner.

Global energy and mineral markets

2006-2: We agreed that enhancing global trade by strengthening markets, and ensuring sustainability by promoting investment and encouraging efficiency, are the best ways to deliver lasting resource security.

2006-3: We agreed that further reform of energy subsidies is a priority in order to improve fiscal sustainability, better target poverty, and ensure that price signals work to expand supply and induce efficiency.

2006-4: We reaffirmed the commitment we made in the G20 Accord for Sustained Growth in 2004 to direct domestic policies toward creating a favourable overall investment climate and enhancing domestic and international competition.

2006-5: We agreed that the G20 will work toward articulating these principles [the development of clear principles to guide trade and investment for extractive industries].

Demographic change

2006-6: We also agreed to work together to raise people’s awareness of their retirement income needs and improve their understanding of the available options.

Reform of the Bretton Woods Institutions

2006-7: We are committed to the successful completion of a comprehensive set of reforms under the second stage of this process, delivered within the timeframes agreed by IMF Governors. [To this end, we identified key issues on which agreement needs to be achieved in order to implement second-stage reforms, including: the main considerations underlying a new, transparent and simple quota formula which captures IMF members' relative economic positions; how to implement the new quota formula; and agreement on the increase in basic votes and how the share of basic votes can be protected over time].

2006-8: We also agreed on the need for further G20 consideration of strategic and policy issues facing the IMF and World Bank. [These include: IMF surveillance; the Fund's role in emerging market economies, including a possible new liquidity instrument; the Fund's role in low-income countries; and collaboration between the Fund and Bank].

Aid commitments and effectiveness

2006-9: We agreed that the G20 will work toward improving aid effectiveness and good governance in the period ahead.

Other business

2006-10: We reaffirmed our commitment to take action against money laundering and terrorist and illicit financing.

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Xianghe, China
October 15-16, 2005

G20 Statement on Reforming the Bretton Woods Institutions

Governance of the BWIs

2005-1: The G20 will seek to identify principles for quota reform which could be an important input into the IMF’s Thirteenth General Review of Quotas, scheduled to be completed by January 2008.

2005-2: All G20 members are committed to ensuring the continued role of the BWIs and will focus their efforts on strategic reform measures in the coming years. We will revisit these issues at our next meeting in Australia in 2006.

G20 Statement on Global Development Issues

2005-3: Faced with significant challenges we reiterate our firm commitment to achieving the MDGs through intensified cooperation aimed at overcoming severe challenges.

Promoting trade for development

2005-4: We are committed to significantly increasing market access for goods and services, reducing trade-distorting domestic support, eliminating all forms of export subsidies in agriculture, and providing effective special and differential treatment for developing countries.

2005-5: We acknowledge the paramount role of South-South trade in this respect, and will further explore means to grant the least developed countries duty-free and quota-free market access.

2005-6: We are committed to working together in this area to substantially improve market access for products from developing countries, especially the least developed ones.

2005-7: We are also committed to helping developing countries build a sound trade and investment environment.

Global partnership towards reducing poverty and promoting global development

2005-8: We will also promote greater cooperation among members of the international community, including public-private partnerships, in order to meet the common development challenges of sustainable and inclusive growth and poverty alleviation.

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Berlin, Germany
November 20-21, 2004

2004-1: We reaffirmed our commitments made in Morelia towards the progress of developed and developing countries on implementation of the Monterrey Consensus and the Millennium Development Goals. Building on our own experiences as well as on our discussions on institution-building in the financial sector, on regional cooperation and integration and on demographic challenges, we today reached an accord on a number of common principles for domestic policies which would help to foster sustained economic growth if implemented consistently and with due regard to country-specific circumstances.

2004-2: We will translate this G20 Accord into concrete action through measures such as found in the attached G20 Reform Agenda, and we will regularly review the progress towards implementation.

2004-3: We are committed to a quick resolution and effective implementation of the Doha Round.

2004-4: We are committed to strengthening the monitoring of economic challenges of an ageing population and surveillance of respective policies and call on the IMF to regularly include, e.g. every four years, in the context of its Article IV consultations a thorough and integrated analysis of these long-term challenges and policy responses.

2004-5: Building on this, the G20 will review demographic, migratory, and other long-term challenges regularly at a global level.

2004-6: We reaffirmed our commitment to fight the abuse of the international financial system in all forms. To this end, we have committed ourselves to the high standards of transparency and exchange of information for tax purposes that have been developed by the OECD’s Committee on Fiscal Affairs as set out in the attached statement.

2004-7: We will work to implement the high standards of transparency and effective exchange of information through legal mechanisms such as bilateral information exchange treaties, and we also call on those financial centres and other jurisdictions within and outside the OECD which have not yet adopted these standards to follow our lead and take the necessary steps, in particular in allowing access to bank and entity ownership information.

2004-8: We are committed to implement the revised FATF Forty Recommendations and the FATF Special Recommendations.

G20 Reform Agenda: Agreed Action to Implement the G20 Accord for Sustained Growth

2004-9. We will review the progress at our next meeting in Beijing in 2005.

G20 Statement on Transparency and Exchange of Information on Tax Purposes

2004-10: We call on all countries with financial centres to adopt and implement the high standards articulated by the OECD so that we can move towards an international financial system that is free of distortions created through lack of transparency and lack of effective exchange of information in tax matters.

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Morelia, Mexico
October 26-27, 2003

2003-1: We, Finance Ministers and Central Bank Governors, are committed to giving impetus to the multilateral trade approach as one of the most effective ways to promote global growth, reduce poverty and ensure that the benefits of globalization are broadly shared by all, particularly the poorest countries. We therefore called on all World Trade Organization (WTO) members to quickly re-energize the negotiation process toward the fulfillment of the Doha development agenda, recognizing that flexibility and political will from all are urgently needed.

2003-2: We reaffirm our mandate to review and promote crisis prevention and resolution measures.

2003-3: With a view to promote the development of a workable code of conduct, we encourage an inclusive group of issuers and market participants to engage in further discussions, with G20 members participating on a voluntary basis. We ask G20 Deputies to review the progress made by the issuers and market participants at the next G20 Deputies meeting in March.

2003-4: We took note of the diversified ways for individuals and companies and other entities to abuse the international financial system to undertake illicit activities including tax evasion. We are committed to cooperate to effectively fight such abuses and make a strong call on all countries especially those OECD countries that have not taken necessary steps- in particular in allowing access to bank information- to join us in this effort and look forward to having regular reports on the progress of international initiatives in this area.

2003-5: We also agreed to monitor developments in Offshore Financial Centers (OFCs), based on the IMF’s work.

2003-6: We remain committed to disrupting terrorist financing networks. We recognized that this effort requires a focus on both the formal and informal financial sectors. Therefore, while we will continue efforts to improve our formal financial systems, to expand their scope, and to protect them from this abuse, we will also concentrate efforts to subject informal financial sectors to appropriate monitoring and enforcement actions.

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Delhi, India
November 23, 2002

Globalisation, Trade and Development

2002-1: Recalling the partnership between developed and developing countries, reflected in the Monterrey and Johannesburg Conferences, we reaffirm our shared commitment to achieving the Millennium Development Goals, particularly in Africa through supporting NEPAD. We recognize that development assistance can enable poorer nations to build capabilities for exploiting the benefits of more integrated markets, reduced economic distance between nations and greater exchange of global information and knowledge.

Combating the Financing of Terrorism, and other Abuses of the Financial System

2002-2: When we last met in Ottawa, Canada, in November 2001, we resolved to deny terrorists and their associates access to, or use of, our financial systems. We agreed to continue our efforts to eliminate other abuses of the financial system, particularly money laundering. We pledged to carry forward our work in this regard, through support of the activities of International Financial Institutions (IFIs) and other relevant international fora, and through appropriate domestic actions. We will review progress on these matters at our next meeting.

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Ottawa, Canada
November 16-17, 2001

G20 Finance Ministers and Central Bank Governors

2001-1: We reaffirm our commitment to free trade and open international markets as a key source of global prosperity. In this context, we welcome the Doha Development Agenda agreed to at the WTO Ministerial Conference launch of a new WTO trade round and commit to work together to achieve multilateral trade liberalization that accelerates progress against poverty and promotes growth.

2001-2: A majority of G20 members have already participated, on a voluntary basis, in assessments under one or both of the IMF/World Bank-led Financial Sector Assessment Program (FSAP) and Reports on Observances with Standards and Codes (ROSCs) consistent with our undertaking at our inaugural meeting in Berlin in December 1999. We will continue to promote adoption of international standards and codes for transparency, macroeconomic policy, sound financial sector regulation and corporate governance in consultation as appropriate with relevant international bodies and with the private sector, and thereby strengthen the integrity of the international financial system.

2001-3: We will continue our work on appropriate exchange rate regimes, prudent liability management, and orderly liberalization of the capital account.

2001-4: Building on the recent Gå20 Roundtable with private sector representatives on promoting efficient international capital markets, we have asked our Deputies to report to our next meeting on improving the way financial crises are resolved, taking into account the lessons learned from experience in emerging markets.

G20 Action Plan on Terrorist Financing

2001-5: We will implement quickly and decisively measures that the United Nations have identified as essential to combating terrorist financing.

2001-6: We will block terrorists’ access to our financial system.

2001-7: We will work with the International Financial Institutions (IFIs), the Financial Action Task Force on Money Laundering (FATF), the Financial Stability Forum (FSF) and other relevant international bodies to prevent abuses to the financial system and threats to its integrity through the promotion of international standards relevant to terrorist financing, money laundering and financial sector regulation and supervision.

2001-8: Above all, we will enhance our ability to share information domestically and internationally as a vital component in the fight against terrorism.

2001-9: We encourage all nations to join the international effort to choke off the financing of terrorism. Where a country's willingness outstrips its ability to act in concert with us, we will provide technical assistance in accordance with this Action Plan.

[We have agreed to the following concrete steps]:

Freezing Terrorist Assets

2001-10: Each G20 member will implement the relevant UN Security Council Resolutions, particularly UNSCR 1373, to stop the financing of terrorism.

2001-11: To this end, each G20 member will, within its jurisdiction, freeze the assets of terrorists and their associates and close their access to the international financial system.

2001-12: Each G20 member will, consistent with its laws, make public the lists of terrorists whose assets are subject to freezing, and the amount of assets frozen, if any.

Implementation of International Standards

2001-13: Each G20 member will ratify and implement the UN Convention for the Suppression of the Financing of Terrorism as soon as possible.

2001-14: Each G20 member will ratify the UN Convention against Transnational Organized Crime.

2001-15: We will work co-operatively and in collaboration with the International Monetary Fund (IMF) and World Bank, FATF, FSF, Basle Committee of Banking Supervisors (BCBS), and other relevant international bodies to promote the adoption, implementation, and assessment of international standards to combat the abuses of the financial system, including in respect of terrorist financing, financial regulation, and money laundering.

International Cooperation: Exchange of Information and Outreach

2001-16: We will enhance our cooperation on the international exchange of information, including regarding actions taken under UN resolutions. G20 member countries will promptly implement such measures as are necessary to facilitate this exchange.

2001-17: Each G20 member will establish promptly, or maintain, a Financial Intelligence Unit and will take steps to enhance information sharing among them, including through promoting universal participation in the Egmont Group of such units.

2001-18: We will promote the fight against terrorist financing within our respective regions, and will ask other countries to join this Action Plan.

Technical Assistance

2001-19: We are committed to providing, where possible, technical assistance to countries that need help in developing and implementing necessary laws, regulations and policies to combat terrorist financing and money laundering.

Compliance and Reporting

2001-20: To promote implementation and compliance with international standards, and to share information regarding our respective laws, regulations, and best practices to address terrorist financing, we will support the activities of the UN Counter Terrorism Committee.

2001-21: We will also actively support surveillance and voluntary self-assessment through the IFIs, FATF and relevant international bodies.

2001-22: We will respond positively to the FATF’s invitation to participate in a self-assessment of the eight special recommendations on terrorist financing.

2001-23: We will ensure that our financial institutions and citizens comply with measures to combat the financing of terrorism and other financial crimes, and will assist them to do so, including through informing financial institutions of their obligations and new developments.

2001-24: We will review our progress on this action plan at our next Ministerial meeting.

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Montreal, Canada
October 25, 2000

G20 Finance Ministers and Central Bank Governors

2000-1: [We agree to]: Commit ourselves to further improve the effectiveness of international institutions, which are fundamental to a strong and stable global financial system. These efforts include increasing the transparency of their activities and decision-making processes, and enhancing co-operation among them.

2000-2: [We agree to]: Implement the emerging international consensus on policies to reduce countries’ vulnerability to financial crises, including through appropriate exchange rate arrangements, prudent liability management, private sector involvement in crisis prevention and resolution, and adoption of codes and standards in key areas including transparency, data dissemination, market integrity, and financial sector policy.

2000-3: [We agree to]: Improve integration into the globalized financial world. Emerging market economies should be supported with technical assistance and policy advice by the international financial community in opening their capital accounts in a well-sequenced manner to benefit from international capital flows while minimizing potential risks.

2000-4: [We agree to]: Create more favourable conditions for the integration of heavily indebted poor countries into the global economy by urging both bilateral and multilateral creditors to participate fully in the enhanced HIPC Initiative, and, where appropriate, call for those bilateral creditors that have not already done so to consider taking the additional step of committing to 100-per-cent reduction of ODA claims and eligible commercial claims.

2000-5: [We agree to]: Strengthen our efforts to combat financial abuse, including money laundering, tax evasion and corruption, given its potential to undermine the credibility and integrity of the international financial system, cause serious macroeconomic distortions, and jeopardize national financial sectors.

2000-6: [We agree to]: Contribute to international efforts to increase the provision of other global public goods to address serious issues such as infectious disease, agricultural research, and the environment, which cut across national borders and require concerted global co-operation.

2000-7: [We agree to]: Promote the design and effective implementation of ‘social safety nets’ that protect the most vulnerable groups of society in the process of liberalization.


2000-8: We reaffirmed our commitment, made at the inaugural meeting of G20 Ministers and Governors in Berlin in December 1999, to undertake the completion of Reports on Observance of Standards and Codes (ROSCs; formerly "Transparency Reports") and Financial Sector Assessment Programs (FSAPs), within the context of continuing efforts by the IMF and World Bank to improve these mechanisms.

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Berlin, Germany
December 15-16, 1999

G20 Finance Ministers and Central Bank Governors

1999-1: They [the ministers and governors] welcomed the important work that has been done by the Bretton Woods institutions and other bodies toward the establishment of international codes and standards in key areas, including transparency, data dissemination, and financial sector policy. They agreed that the more widespread implementation of such codes and standards would contribute to more prosperous domestic economies and a more stable international financial system. To demonstrate leadership in this area, Ministers and Governors agreed to undertake the completion of Reports on Observance of Standards and Codes ("Transparency Reports") and Financial Sector Assessments, within the context of continuing efforts by the IMF and World Bank to improve these mechanisms. This commitment will help mobilize support for measures to strengthen domestic capacity, policies and institutions.

1999-2: Members of the G20 asked their Deputies to consider: existing work in other fora (including the Financial Stability Forum)

1999-3: [Members of the G20 asked their Deputies to consider:] to examine further ways to reduce vulnerabilities to crises.

1999-4: Deputies will report on their progress at the time of the next meeting of G20 Finance Ministers and Governors, to be held in Canada in autumn 2000.


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