Central bank governors and finance ministers of the Group of Twenty (G20) nations met in Bali, Indonesia on Friday to discuss risks to the world economy.
The Fourth G20 Meeting of Finance Ministers and Central Bank Governors is being held on the sidelines of the Annual Meetings of the International Monetary Fund and World Bank.
G20 members affirmed their support of the IMF funding system.
“We have discussed the 15th IMF general review of quotas. Members are committed to a strong quota-based and adequately resourced IMF at the center of the global financial safety net. And to finish the 15th global review of the quota by the agreed deadline, no later than the IMF working group annual meetings of 2019,” said Nicolas Dujovne, G-20 President and Treasury Minister of Argentina.
Dujovne also said G20 members are seeking ways to defuse trade tensions.
“The G-20 provides a mechanism to seek consensus and strive collectively toward our shared goals. But, even having this governance group working, we know that there are trade tensions and we have to work together in solving them,” he said.
Argentina holds the current presidency and is hosting the Group of Twenty (G20) in 2018.