G20 Finance Ministers and Central Bank Governors convene a meeting in Bengaluru, India. (Photo: Reuters/VNA)

The participants were unable to agree on the content of a joint statement due to disagreements over the words used in the document.

Instead, India, the G20 president, published a meeting summary gathering what were discussed at the meeting. The summary reiterated the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth and maintain macroeconomic as well as financial stability.

In addition, the conference also agreed on the urgency to address debt vulnerabilities in low and middle-income countries, adding that official bilateral and private creditors should strengthen multilateral coordination.

According to the summary document, the global economic outlook has modestly improved against the previous meeting last October. But global growth remains slow, and downside risks to the outlook persist, including elevated inflation, a resurgence of the pandemic and tighter financing conditions that could worsen debt vulnerabilities in many Emerging Market and Developing Economies (EMDEs).

The meeting participants pledged to continue to enhance macro policy cooperation and support the progress towards the UN 2030 Agenda for Sustainable Development.