education must be part of the digital transformation. the g20 italian presidency aims to promote infrastructures as a way to foster social inclusion, reduce geographical disparities, and improve environmental sustainability. actions to address climate change and environmental degradation are paramount to promoting sustainable growth and protecting the most vulnerable. we need to favor energy transition, prioritize green transport and sustainable urban systems, invest in resilient infrastructures and their long - term maintenance, promote climate - smart agriculture techniques, and protect biodiversity. deep, structural economic transformation requires significant financial resources at a time when countries are facing fiscal constraints and debt overhang. therefore, there is a need to mobilize all sources of finance and use them effectively. this includes domestic resources, development financing, and private sector capital. we call on the w b to continue supporting partner countries in reshaping their tax systems and reforming expenditures and subsidies in order to raise domestic revenues and increase public expenditure efficiency. the w b must remain committed to providing high net positive financial flows, in particular to low - income countries. what has been done in the past months is remarkable, but more can be achieved in extraordinary times with extraordinary measures. the w b and other mdbs could temporarily stretch lending volumes and implement further balance sheet optimization measures while preserving their rating. we also reiterate the importance of mobilizing more private sector capital in low - income countries to close their financing gaps and support sustained long - term growth. to this end, the sustainable finance study group, re - established by the g20 italian presidency and just upgraded to a working group, will explore ways to enhance the role of the financial system in supporting the achievement of the objectives envisaged by the un 2030 agenda and the paris agreement, ensuring a just transition towards a low - carbon and more inclusive economy. we also urge ifc and miga to take stock of the covid - 19 crisis and to reflect on 3additional actions and tools to respond effectively to the huge challenges faced by the private sector in developing countries. in recognition of the critical role of the international development association ( ida ) to address growing financing needs in ida countries, we welcome the decision to advance ida20 by one year. it will be an opportunity to strengthen ida ’ s financial capacity and to better support its clients, in particular african and fragile countries. we call for a reinforced use of ida ’ s own balance sheet to unlock additional resources for ida countries. we look forward to a successful completion of

trend ( a ) pre - crisis trend is projected using quarterly growth rates between 1999 and 2007. chart 5 : uk current account ( a ) includes compensation of employees. bis central bankers ’ speeches chart 6 : sterling eri index : january 2005 = 100 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 chart 7 : survey indicators of capacity utilisation ( a ) sources : bank of england, bcc, cbi, cbi / pwc, ons and bank calculations. ( a ) measures are produced by weighting together surveys from the bank ’ s agents ( manufacturing and services ), the bcc ( non - services and services ) and the cbi ( manufacturing, financial services, business / consumer services and distributive trades ) using nominal shares in value added. the surveys are adjusted to have a mean of zero and a variance of one over 1999 q1 to 2007 q3. the bcc data are non seasonally adjusted. bis central bankers ’ speeches chart 8 : cpi inflation projection chart 9 : gdp growth projection bis central bankers ’ speeches