G20 Final Communique: Fighting Poverty

The Group of 20 released a final statement at the conclusion of the two-day meeting. In it, the G20 pledged to keep emergency economic supports in place until sustainable recovery is assured, launch a framework for acting together to re-balance economic growth, and establish tougher rules governing banks by 2012.

With regards to financial inclusion, the G20 has committed to improving access to financial services for the poor. It has agreed to support the safe spread of new modes of financial service delivery capable of reaching the poor and, building on the example of microfinance, to scale up the successful models of small and medium-sized enterprise (SME) financing.

Working with the CGAP, the International Finance Corporation (IFC) and other international organizations, the G-20 will launch the Financial Inclusion Experts Group. This group will identify lessons learned on innovative approaches to providing financial services to the poor, promote successful regulatory and policy approaches and elaborate standards on financial access, financial literacy, and consumer protection. It has also committed to launch the G-20 SME Finance Challenge, a call to the private sector to put forward its best proposals for how public finance can maximize the deployment of private finance on a sustainable and scalable basis.

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