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Giorgetti at the meeting of G20 Finance Ministers in India: balanced and cautious approach for monetary policies

The minister met the World Bank President and the IMF Managing Director

Gandhinagar, 17 July 2023 – The fight against inflation and the state of the global economy, the consequences of the Russian-Ukrainian conflict and international taxation are among the topics on the agenda at the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Gandhinagar, India.

Representing Italy is Minister Giancarlo Giorgetti, who spoke during the first session of the meeting’s work dedicated to ‘Global Economy and Global Health’.

“We believe we should proceed with a balanced and cautious approach on monetary policies given the downward trend in global economic growth, which is a consequence of the conflict in Ukraine and the effects of persistent inflation,” said Minister Giorgetti, also emphasising the importance of targeted interventions to “protect the most vulnerable groups of the population and promote investment to increase the potential of our economies against the risk of recession”.

On the sidelines of the first day of the G20, Giorgetti also met with World Bank President Ajay Banga. A shared interest in strengthening cooperation for the development of renewable energy projects in Africa emerged during the cordial and constructive conversation. In particular, the Italian minister expressed his appreciation for the World Bank's recent approval of the ELMED project, to connect the electricity grids of Tunisia and Italy, and reiterated how our country's ambition is to become Europe's energy hub, with benefits for both sides of the Mediterranean.

Full agreement was also reached between Giorgetti and Banga on the global challenges relating to the initiative on the security of supply of value chains for the so-called critical materials on which the energy and digital transition is based. This topic has already been initiated at the G7 by Japan but will be among the priorities on the agenda of the Italian presidency in 2024.

The Minister's friendly and constructive dialogue with the Managing Director of the International Monetary Fund, Kristalina Georgieva, focused instead on initiatives to support reforms in Tunisia and on strengthening cooperation between Italy and the IMF with a view to the G7 presidency in 2024.

Giorgetti then met with Singapore's Deputy Premier and Minister for Finance Lawrence Wong to discuss international taxation, the state of the global economy and the importance of strengthening trade cooperation between the two countries.

During the second G20 day, Giorgetti spoke in the “International Taxation” and “Financial Sector and Financial Inclusion” sessions. On the sidelines, he met Turkish Finance Minister Mehmet Simsek and Central Bank Governor Hafize Gaye Erkan. The meeting was an opportunity to strengthen relations between Italy and Turkey. The two ministers agreed on a pragmatic approach to tackle global challenges.