Finance Ministers and Central Bank Governors Meeting in Lima, Peru

Taking the opportunity of the IMF – World Bank Annual Meetings, G20 Finance Ministers and Central Bank Governors convened for their fourth and last gathering under the Turkish Presidency, in Lima, Peru on 8 October 2015. In a working dinner format, Ministers and Governors exchanged views on the latest developments in the global economy and had a final discussion of the key deliverables of the G20 finance track ahead of the Antalya Summit.

During the meeting, OECD has presented the recently finalized G20/OECD Base Erosion and Profit Shifting (BEPS) Action Plan, which is one of the most significant deliverables of the 2015 agenda. Ministers expressed their full support to the BEPS Action Plan and endorsed its submission to G20 Leaders for their endorsement at the Antalya Summit. Ministers also underscored the importance of coherent and timely implementation and called for the inclusiveness of the future steps in that regard. As a reflection, OECD will prepare an implementation monitoring framework by early 2016 with the involvement of the interested non-G20 countries, particularly the developing ones, on an equal footing.

At the meeting, Ministers and Governors also reviewed the progress under the financial regulatory reform agenda and commended the FSB for its efforts on the finalization of the common international standard on Total Loss-Absorbing Capacity (TLAC) to be applied to Global Systemically Important Banks and Higher Loss Absorbency (HLA) requirement for Global Systemically Important Insurers.

Ministers and Governors also acknowledged the significant progress on the implementation of the G20 growth strategies and highlighted the need for further efforts towards fulfilling the remaining commitments. An accountability assessment report that lays out the progress towards the G20 commitments will be presented to the Leaders in Antalya Summit in November.

A press conference covering the outcomes of the meeting as well as the outline of the completed BEPS Action Plan was held in the morning of October 9th. The press conference was chaired by Deputy Prime Minister Cevdet Yılmaz, and attended by the OECD Secretary General Angel Gurria and many G20 Finance Ministers, to demonstrate the firm backing of the G20 for the BEPS Action Plan.