Switzerland at virtual IMF and World Bank 2020 Annual Meetings and G20 Finance Ministers Meeting

Bern, 14.10.2020 - Federal Councillor Ueli Maurer, State Secretary Marie-Gabrielle Ineichen-Fleisch and Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, will attend the virtual Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) on 14 and 15 October 2020. The Annual Meetings, as well as the G20 Finance Ministers and Central Bank Governors Meeting, will focus on both the global management of the effects of the COVID-19 crisis and international corporate taxation.

The IMF's International Monetary and Financial Committee (IMFC) will address the economic policy challenges and the need for action by the IMF in dealing with the pandemic. Switzerland will advocate the continuation of needs-based support measures in affected countries.

The IMF responded quickly and efficiently to the challenges of COVID-19. It should now concentrate on its core areas of expertise during this critical phase of returning to normal. Switzerland believes that the IMF has an appropriate toolkit to support its member countries. It is important to swiftly resume economic policy monitoring of the countries and help them establish longer-term reform projects and good governance.

In the Development Committee, Switzerland will welcome the World Bank's rapid and comprehensive package of measures to combat the COVID-19 crisis. Switzerland will call on the World Bank to continue with sustainably effective interventions that meet high social and environmental standards and are implemented in close coordination with partner organisations. The 2030 Agenda and the Paris Climate Convention should also serve as an international reference framework for global sustainable development during the management of the COVID-19 crisis.

Federal Councillor Ueli Maurer and SNB Chairman Thomas Jordan will take part in a videoconference meeting of G20 finance ministers and central bank governors in the run-up to the Annual Meetings. The G20 will update its April action plan to tackle the COVID-19 crisis. In the G20, Switzerland will also emphasise the great importance of an economic policy geared to the long term for strengthening the confidence of markets and investors. With regard to taxing the digital economy, Switzerland welcomes the fact that work is continuing within the framework of the OECD on a multilateral solution based on the numerous outstanding issues.

On Monday, 12 October 2020, Switzerland (virtually) attended the fourth meeting of the Coalition of Finance Ministers for Climate Action.

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