15 April 2020
15 Apr 2020
GI Hub CEO, Marie Lam-Frendo’s speech at the 2nd G20 Finance Ministers and Central Bank Governors’ meeting under the Saudi Arabian Presidency
Online - 15 April 2020: Firstly, let me congratulate the Saudi Presidency for its leadership during this crisis.
Secondly, we would like to welcome the mention of infrastructure in sections three and five of the G20 Action Plan.
Infrastructure is a driver of economic prosperity and provides a solid basis for strong, sustainable, balanced, and inclusive growth. As the policy challenge turns from an immediate response to the health and economic shocks to recovery, infrastructure-related investments can and should become an important element of medium- and long-term stimulus measures to help drive an economic recovery and a sustainable transformation of G20 economies.
Expenditure on infrastructure by governments is unique in that it not only directly generates economic activity during construction, but it also has the added benefit of enabling further economic activity once completed.
To support the development of tangibles measures to return to a sustainable growth, the GI Hub will support the G20 Action Plan, in coordination with G20 members, guests and international organisations, by:
Delivering a compendium of effective approaches drawn from previous downturns where infrastructure stimulus supported a strong rebound of economies around the world.
Identifying options for planning, prioritisation, and development of quality infrastructure through fiscal measures, as well as ways to mobilise private sector investment in the context of limited fiscal space.
Identifying infrastructure solutions that could help mitigate pandemic risk and improve the pandemic response.
I look forward to reporting back to you at the next meeting in July, and in the spirit of the G20 Action Plan being a living document, I hope the results of this work will be of value to the group and could be integrated into the document.