The G20 Finance Ministers and Central Bank Governors Meeting, held in Asheville, North Carolina, US, on August 31-September 1, ended without full agreement on a joint statement. Global growth, the debt burden and global imbalances were among the main issues discussed.
Instead of a joint statement, the United States issued a G20 Chair's Statement. It said the global economy had remained resilient despite ongoing conflicts, and called for reducing bureaucracy, supporting investment in artificial intelligence, and securing critical supply chains, including those for energy and food.
US chair's priorities
Before the meeting, a US Treasury official said disagreements over reducing global imbalances and restructuring government debt could make it difficult to prepare a joint text. The official said the text needed to reflect US interests and the “America First” priorities, adding that a statement on the discussions could be issued if no agreement was reached.
The chair's statement said the participation of private-sector representatives had focused discussions on helping businesses grow and removing administrative barriers to innovation. It described global imbalances as a threat to economic stability and called on countries that rely excessively on exports to implement reforms that would increase domestic consumption.
It said the G20 Common Framework needed to be implemented more quickly and transparently to reduce the debt burden of developing countries. Improving financial literacy worldwide was also among the issues addressed in the statement.
China objects to four provisions
China opposed the fourth provision, which addressed energy trade and geopolitical conflicts. Beijing also objected to the 10th provision, which called for removing non-market policies that limit domestic consumption in relation to global imbalances; the 11th provision, which advocated International Monetary Fund oversight of those imbalances; and the 13th provision, which regulated debt restructuring processes.
US Treasury Secretary Scott Bessent said at a press conference that he had wanted a joint statement to be issued, but that full consensus had not been reached. Bessent said the members other than China had reached agreement and that the G20 Chair's Statement reflected issues important to the 19 members.
Bessent described China as the country with the world's largest and unsustainable current-account surplus and said Beijing had taken an opposing position on the statement. Asked about inviting Russian representatives to the meetings, he said it had created an unpleasant impression among some Europeans, but that dialogue and engagement remained important.
IMF assesses debt and imbalances
In a written statement issued after the meeting, IMF Managing Director Kristalina Georgieva said countries faced significant differences in their economic outlooks and risks. Georgieva noted that the energy supply shock had not ended, global public debt had reached approximately 100 percent of gross domestic product, and disinflation had stalled in many countries.
Georgieva stressed that central banks needed to focus on price stability, fiscal authorities needed to prepare credible medium-term fiscal consolidation plans, and structural reforms were needed to remove barriers to growth.
Georgieva said high refinancing needs and rising debt-servicing costs in developing and low-income countries were restricting spending on infrastructure, health and education. She called for improvements to debt restructuring processes and stronger fiscal resilience in those countries.
The IMF chief also said global excess imbalances had increased by 0.7 percent of gross domestic product in 2025, marking the largest rise in the past 10 years. Georgieva said simultaneous policy steps were needed in both current-account surplus and current-account deficit countries to achieve lasting rebalancing.
