The summit of the countries that are part of the G-20 ended today without a joint agreement on the war in Ukraine. However, from an economic perspective, progress was made. Nadia Calviño, First Vice President of the Government who has attended the discussions, has assured that the economic situation is "better" than it was in previous meetings since "the worst scenarios" related to food security and financial stability have been avoided , although the situation continues "marked by uncertainty and fragility" especially for vulnerable countries.
Regarding Spain, he said that the outlook is "relatively positive" given that the economy is showing "spectacular strength and resilience" with a "very strong recovery" after the pandemic. Regarding inflation, he pointed out that it has been one of the topics discussed during the meetings and has shown that Spain is one of the countries with the lowest inflation rate in the European Union.
Another of the issues addressed has been the search for solutions for the countries' over-indebtedness. Calviño has stressed that a "broad agreement" on the administration and reduction of debt can be a "very important" instrument to give "financial support" to vulnerable countries. "I think we are making progress on the official statement with the vision of ensuring that there is a multilateral approach that provides clarity and certainty on how this debt management process should be conducted," he explained, acknowledging that there are "different views."
Regarding the reforms of the World Bank and the IMF, the Minister of Economic Affairs has praised the role and the "good job" they play to ensure the financial stability of vulnerable countries and has pointed out that there is a "generalized agreement" on the need to have these multilateral institutions “well financed” so that they can coordinate and continue to do their work.
