G20 ministers to finalize agenda in Seoul Summit
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The meeting, in a broader sense, will continue discussing measures to implement the Framework for Strong, Sustainable, and Balanced Growth, which was endorsed in the previous G20 summit talks.
At the point, G20 member countries still seem to be in stark contrast in terms of balancing and coordinating country-level needs and economic conditions in developing detailed plans, making it unlikely to be fully resolved by the close of the meeting.
Meanwhile, the reform of the International Monetary Fund (IMF) governance will also be discussed, together with the global financial safety net issue.
The officials are known to move on with the proposal by the South Korean government to expand relief programs to cash-strapped countries that are fundamentally strong in their financial conditions.
The members will also probe into financial sector reform, especially on the issue of stronger regulation on systematically important financial institutions (SIFIs), checking up the report presented by the Basel Committee on Banking Supervision and the Financial Stability Board (FSB).
The two global financial committees on Tuesday and Wednesday held meetings in Seoul, announcing their recommendations to the G20 to level up banks' capital and liquidity standards and to tighten regulation on SIFIs.
The meeting will end Saturday with a joint communiqu, on which chair country South Korea hopes to convey tangible outcomes on major issues.
