Washington DC - G20 finance ministers concluded two days of meetings in North Carolina, hosted by Secretary of Treasury Scott Bessent. 

"The Middle East war, challenges in US bond markets, economic growth, trade and too high sovereign debt were the key issues discussed at the meetings," said Eric LeCompte, a UN finance expert and the Executive Director of Jubilee USA Network, a religious development coalition that monitors G20 meetings. "The G20 agreed that more action on debt and economic growth must take place."

In his opening speech, Bessent focused on pursuing economic growth. A statement released by Treasury or the chair’s statement, was agreed by all G20 members but China and called for faster and more predictable debt relief policies.

“Too many developing countries struggle with high debts and low growth,“ said LeCompte. “There is a growing sense that current debt policies need significant improvement.”

Under its G20 priority on sovereign debt challenges, the US seeks to make sovereign debt restructurings faster, more transparent and more predictable.

“The US government is pressing debt as a key global issue to address," added LeCompte.

Bessent remarked that work on global debt will remain a G20 priority and announced a G20 Technical-Level Study Group to maintain momentum with the presidents and prime ministers of G20 countries when they meet in Miami in December.

“The G20 study group on debt shows the commitment of the US government to improve debt policies,” shared LeCompte.

Read the Chair's Statement on the G20 Second Meeting of the Finance Ministers and Central Bank Governors.