MOSCOW, February 16 (Itar-Tass) – The G20 finance ministers and central bank governors welcomed the diagnostic report that assesses factors affecting long-term financing.
“The report finds that the availability and composition of long-term investment financing have been affected by a combination of factors, with differing repercussions across borrowers and sectors. It also finds that there is scope for some sources of long-term financing, including local currency bond markets, domestic capital markets, and institutional investors to play a larger role for investment. At the same time, country-specific factors affect access to long-term financing and there is therefore much that countries can do to attract long-term financing,” the finance ministers and the central bank governors said in their communique in Moscow on Saturday, February 16.
“Recognising the essential role that the long-term financing plays in supporting our goal of strong, sustainable and balanced growth, we agreed to establish a new Study Group on Financing for Investment, which will work closely with the World Bank, OECD, IMF, FSB, UN, UNCTAD and other relevant IOs to further consider issues raised in the diagnostic report and determine a work plan for the G-20, considering the role of the private sector and official sources of long-term financing,” the document said.
The ministers and chief bankers stressed that “deep and stable local capital markets continue to play an essential role as a reliable source of long-term financing.”