Lisbon, Feb. 26, 2021 (Lusa) - Portugal's finance minister, João Leão, said on Friday after a G20 meeting that the Portuguese presidency of the Council of the EU "seeks to promote solutions to the uneven impact of the crisis" in different sectors and countries.

Mr. Leao was speaking after a G20 meeting in which he participated representing the European Union (EU), along with the European Commission.

The circumstances of the imbalance accentuated by the pandemic of Covid-19, are "even more true in the global panorama, where there are very vulnerable economies, without access to vaccines to fight the pandemic and without financial means to fight the economic crisis".

"Portugal supports all initiatives that seek to help these economies," he said.

As the country holding the rotating presidency of the Council of the European Union in the first half of the year, Portugal has a seat on the Group of Finance Ministers and Heads of Central Banks of the world's largest economies (G20), representing the EU along with the Commission chaired by Ursula von der Leyen.

According to the minister, today's G20 meeting discussed "how to promote a quick recovery, how to relaunch the global economy, narrowing inequalities".

"The ministers and heads of central banks discussed the economic outlook and responses to the global challenges exacerbated by Covid-19, as well as the action plan for financial stability in 2021 and aid to countries in a situation of greater social and economic vulnerability," he added.

João Leão said in the message published after the meeting that "Portugal, and the other Member States, have adopted significant support packages to mitigate the devastating impacts of this pandemic", with "flexibility" and "coordination of budgetary and monetary policies".

"We have reached an unprecedented agreement that allows the issuance of European debt on a large scale to finance the recovery of the European economy through the European recovery programmes".

In his view, "there is a consensus that expansionary fiscal policies should be maintained together with affordable financing conditions" on the path to building a "more resilient" and "more integrated Europe".

"The response to the crisis should not be a short term response, but should converge in a response that shapes the medium and long term of the European economy".

JE/AYLS // AYLS

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