Bangalore: G20 finance ministers and central bank governors have highlighted the necessity for reforms as the global economy faces complex challenges and significant uncertainties.

According to Anadolu Agency, the ministers, in a joint statement, emphasized the importance of raising long-term growth potential by implementing growth-oriented macroeconomic policies. They stressed the need for building fiscal buffers, ensuring fiscal sustainability, encouraging both public and private investments, and undertaking productivity-enhancing reforms in response to high public debt and fiscal pressures.

The statement underscored the essential role of structural reforms in generating economic growth and creating quality employment opportunities. It called for the International Monetary Fund (IMF) to analyze excessive imbalances, and if needed, address them with country-specific reforms and multilateral coordination. The aim is to foster an open global economy without compromising sustainable global growth.

Additionally, the G20 finance ministers highlighted the necessity of strengthening international cooperation and maintaining the independence of central banks as a measure to secure price stability. They also committed to tackling rising debt pressures in low- and middle-income economies amid ongoing global financial turbulence.