G20 finance chiefs back global tax deal, pledge to sustain recovery

Finance leaders from the G20 major economies keeping a close eye on inflation

Finance leaders from the G20 major economies on Wednesday endorsed a global deal to revamp corporate taxation and pledged to sustain fiscal support for their economies while keeping a close eye on inflation.

The G20 finance ministers and central bank governors also said in a communique issued after a meeting in Washington that the International Monetary Fund should establish a new trust fund to channel a $650 billion issuance of IMF monetary reserves to a broader range of vulnerable countries.

The finance leaders noted in their statement that economic recovery "remains highly divergent across and within countries" and is vulnerable