The leaders of the G20 countries ratified the Leaders’ Declaration at the peak of the G20 Indonesia. The declaration contains five important points.
First, G20 Members will be agile and flexible in carrying out macroeconomic policies.
G20 Members will also continue to undertake public investment and structural reforms, promote private investment and strengthen multilateral trade and the resilience of global supply chains.
“We will ensure long-term fiscal sustainability, with the commitment of each country’s central banks to achieve price stability,” the Declaration Leaders said.
Second, the G20 members are committed to protecting macroeconomic and financial stability, using all available tools to mitigate downside risks, and noting the steps taken since the global financial crisis that once occurred.
Third, G20 members will take action to promote food and energy security and support market stability, provide temporary and targeted support to mitigate the impact of rising prices and strengthen dialogue between producers and consumers.
“As well as increasing trade and investment for long-term food and energy security needs, food security and sustainability, fertilizer and energy systems.”
Fourth, G20 Members will continue to invest in low- and middle-income countries and other developing countries, through more innovative financing sources and instruments.
This includes catalyzing private investment, to support the achievement of Sustainable Development Goals (SDGs) or sustainable development.
“We call on the Multilateral Development Banks to advance action to mobilize and provide additional financing within their mandate, to support the achievement of the SDGs including through sustainable development and infrastructure investment, and respond to global challenges.”
Fifth, the members of the G20 are committed to accelerating the achievement of the SDGs, to achieve prosperity for the G20 through sustainable development.