The Banking Executive, Issue 155, November 2021

2021 G20 Rome Summit tary loan and subsidy contribu- tions from countries able to do so. We also call on the IMF to es- tablish a new Resilience and Sus- tainability Trust (RST) – in line with its mandate – to provide af- fordable long-term financing to help low-income countries, in- cluding in the African continent, small island developing states, and vulnerable middle-income countries to reduce risks to prospective balance of payments stability, including those stem- ming from pandemics and cli- mate change. The new RST will preserve the reserve asset char- acteristics of the SDRs chan- nelled through the Trust. Our Finance Ministers look forward to further discussion of surcharge policy at the IMF Board in the context of the precautionary bal- ances interim review. 11. We welcome the progress achieved under the G20 Debt Service Suspension Initiative (DSSI), which is also agreed to by the Paris Club. Preliminary esti- mates point to at least USD 12.7 billion of total debt service de- ferred, under this initiative, be- tween May 2020 and December 2021, benefitting 50 countries. We welcome the recent progress on the Common Framework for debt treatment beyond the DSSI. We commit to step up our efforts to implement it in a timely, or- derly and coordinated manner. These enhancements would give more certainty to debtor coun- tries and facilitate the IMF's and MDBs' quick provision of finan- cial support. We look forward to progress in the current negotia- tions under the Common Frame- work. We stress the importance for private creditors and other of- ficial bilateral creditors to pro- vide debt treatments on terms at least as favourable, in line with the comparability of treatment principle. We recall the forth- coming work of the MDBs, as stated in the Common Frame- work, in light of debt vulnerabil- ities. We affirm the importance of joint efforts by all actors, in- cluding private creditors, to con- tinue working towards enhancing debt transparency. We look forward to progress by the IMF and World Bank Group on their proposal of a process to strengthen the quality and con- sistency of debt data and im- prove debt disclosure. 12. We reaffirm the crucial role of the Multilateral Development Banks' (MDBs) long-term support towards achieving the SDGs. Ac- knowledging the high financing needs of low income countries, we look forward to an ambitious IDA20 replenishment by De- cember 2021, including through the sustainable use of IDA's bal- ance sheet. We also look forward to the future African Develop- ment Fund-16 replenishment. We welcome the launch of the Independent Review of MDBs' Capital Adequacy Frameworks and the G20 Recommendations on the use of Policy-Based lend- ing, which will help maximize the impact of MDB operations. 13. International Financial Architec- ture. We reiterate our commit- ment to strengthening long-term financial resilience and support- ing inclusive growth, including through promoting sustainable capital flows, developing local currency capital markets and maintaining a strong and effec- tive Global Financial Safety Net with a strong, quota-based, and adequately resourced IMF at its centre. We look forward to the forthcoming review of the IMF's Institutional View on the liberal- isation and management of cap- ital flows, informed, among others, by the Integrated Policy Framework. We remain commit- ted to revisiting the adequacy of IMF quotas and will continue the process of IMF governance re- form under the 16th General Re- view of Quotas, including a new quota formula as a guide, by 15 December 2023. 14. Recognizing the importance of strengthening the alignment of all sources of Financing for Sus- tainable Development with the SDGs and the need to address the related financing gaps, in line with existing commitments, we endorse the G20 Framework for Voluntary Support to Integrated National Financing Frameworks, the G20 High-Level Principles on Sustainability-Related Finan- cial Instruments and the G20 Common Vision on SDG Align- ment, noting the importance of transparency and mutual ac- countability. We also ask our De- velopment and Finance Ministers to further enhance their cooper- ation. 15. Food security, nutrition, agricul- ture and food systems. We are committed to achieving food se- curity and adequate nutrition for all, leaving no one behind. To this end, we endorse the Matera Declaration and its Call to Ac- tion. We encourage partners and stakeholders to collaborate with or join the Food Coalition launched by the FAO as a means to respond to the impacts of COVID-19 on food security and nutrition. We are concerned by famine conditions and acute food insecurity fuelled by armed conflicts in many parts of the world, particularly in the coun- tries listed in the 2021 Global Report on Food Crises. We will foster sustainable and resilient food systems and agriculture in- novation, which are vital to end hunger and malnutrition, eradi- cate poverty and ensure sustain- ability, also by increasing access to finance through responsible investment, developing and im- proving early warning pro- grammes, reducing food loss and waste along the food value chain, improving livelihoods for the BANKING EXECUTIVE 40 ISSUE 155 NOVEMBER 2021