G20 finance ministers point to need for reforms in world economy

ISTANBUL

G20 finance ministers and central bank governors Friday said the global economy is facing complex challenges and significant uncertainties, and highlighted the need for reforms.

In a joint statement, G20 finance ministers stated that in light of high public debt and fiscal pressures, it is recognized that the need to raise long-term growth potential by pursuing growth-oriented macroeconomic policies, while building fiscal buffers, ensuring fiscal sustainability, encouraging public and private investments and undertaking productivity-enhancing reforms.

"Structural reforms are essential for generating strong economic growth and creating more and better jobs," the statement read.

All excessive imbalances should be further analyzed by the IMF and, if necessary and, without discrimination, addressed through country-specific reforms and multilateral coordination, in a way that contributes to an open global economy and without compromising sustainable global growth, it added.

The statement also emphasized the need to strengthen international cooperation and stated that the independence of central banks is vital for ensuring price stability.

Meanwhile, G20 finance ministers also committed to addressing rising debt pressures in low- and middle-income economies amid global financial turbulence.