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2016-1.

We will continue to monitor global economic and financial developments closely.

2016-2.

We will use all policy tools – monetary, fiscal and structural – individually and collectively to achieve these goals.

2016-3.

Our fiscal strategies aim to support the economy and we will use fiscal policy flexibly to strengthen growth, job creation and confidence, while enhancing resilience and ensuring debt as a share of GDP is on a sustainable path.

2016-4.

We reaffirm the role of mutually-reinforcing macroeconomic and structural policies to buttress our efforts to achieve strong, sustainable and balanced growth.

2016-5.

To enhance our readiness to respond to potential risks, we will continue to explore policy options that the G20 countries may undertake as necessary to support growth and stability.

2016-6.

We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. We will consult closely on exchange markets. 

2016-7.

We reaffirm our previous exchange rate commitments, including that we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes.

2016-8.

We will resist all forms of protectionism.

2016-9.

We will carefully calibrate and clearly communicate our macroeconomic and structural policy actions to reduce policy uncertainty, minimize negative spillovers and promote transparency.

2016-10.

Building on past country- specific commitments, we are committed to further enhancing the structural reform agenda, including by developing a set of priorities and guiding principles as a reference for G20 reform efforts, as well as by creating an indicator system to further improve assessing and monitoring of the progress of structural reforms and their adequacy to address structural challenges, taking into account the diversity of country circumstances. This enhanced structural reform agenda will be incorporated into the existing work stream under the Framework for Strong, Sustainable and Balanced Growth.

2016-11.

In order to enhance the efficiency of our efforts, we will combine our investment strategies with growth strategies and remain committed to their timely and effective implementation to accomplish our goals.

2016-12.

We will review the combined strategies, including through enhanced peer review, and will adjust them as necessary to ensure progress towards our collective growth ambition and our overarching objective of strong, sustainable and balanced growth.

2016-13.

Recognizing the importance of trade and investment for growth and their recent weakness, we will explore potential policy measures in these areas, with support of the IOs.

2016-14.

We will continue to take steps to promote greater inclusiveness and reduce excessive global imbalances.

2016-15.

We reaffirm our commitment to advancing the investment agenda with focus on infrastructure both in terms of quantity and quality aspects.

2016-16.

We will launch a global infrastructure connectivity alliance initiative to enhance the cooperation and synergy of infrastructure programs.

2016-17.

We support the development of a guidance note on recommended policy steps that could contribute to diversified financing instruments for infrastructure and SMEs with special attention to equity financing by promoting capital markets development, engaging institutional investors, encouraging implementation of G20/OECD corporate governance and SME financing principles and promoting infrastructure investments as an asset class.

2016-18.

We support the timetable for completing the IMF's 15th General Review of Quotas, including a new quota formula, by the 2017 Annual Meetings, and reaffirm our commitment to a strong, quota-based and adequately resourced IMF.

2016-19.

We support the World Bank Group (WBG) to implement its shareholding review according to the agreed roadmap and timeframe, with the objective of achieving equitable voting power over time.

2016-20.

We will continue to promote the orderliness and predictability of sovereign debt restructuring processes and strengthen debt sustainability frameworks.

2016-21.

Given the current development in the global economy, we will better monitor capital flows, including more timely identification of risks, and take stock of and review policy tools and frameworks as appropriate to address challenges arising from large and volatile capital flows, drawing on country experiences.

2016-22.

We welcome the completion of the IMF's 2015 Review of the Method of Valuation of the Special Drawing Rights (SDR) and support further work to examine the possible broader use of the SDR and on local currency bond market.

2016-23.

We support the work by the Basel Committee to refine elements of Basel III framework to ensure its coherence and maximize its effectiveness without further significantly increasing overall capital requirements across the banking sector.

2016-24.

We will continue to monitor and assess reform implementation and effects, including to address any material unintended consequences, including for emerging market and developing countries.

2016-25.

We support the work underway to improve the assessment methodology for global systemically important insurers and the further progress in developing the Insurance Capital Standard according to the agreed timeline.

2016-26.

We will review holistically changes in market liquidity and impact on market stability, and we will consider policy measures if necessary.

2016-27.

We remain committed to strengthen the financial inclusion agenda.

2016-28.

We reiterate our commitment to timely implementation of the BEPS project, and continue to monitor and address BEPS-related issues in order to ensure tax fairness and a level playing field.

2016-29.

We support that the specific challenges faced by developing countries in BEPS implementation should be appropriately addressed under the framework.

2016-30.

We remain committed to implementing the standard for information exchange on request as well as for Automatic Exchange of Information (AEOI), and call on all financial centers and jurisdictions to do so by 2017 or at the end of 2018.

2016-31.

We recognize the role of tax policy in achieving sustainable economic growth, and will explore this issue further at the G20 Tax Symposium to be held in July.

2016-32.

We recognize the significant negative impact of illicit financial flows on all our economies, and we continue to take forward the work of the G20 on this theme.

2016-33.

We will intensify our efforts to tackle all sources, techniques and channels of terrorist financing and will enhance our cooperation and exchange of information

2016-34.

We reaffirm our commitment to implementing the 2030 Agenda for Sustainable Development.

2016-35.

We reaffirm our commitment to rationalize and phase out inefficient fossil fuel subsidies that encourage wasteful consumption, over the medium term, recognizing the need to support the poor.