We therefore endorse the second update of the G20 Action Plan (Annex Recent health and economic developments and persisting downside risks call for strong policy actions, enhanced multilateral coordination and continued support to the most vulnerable. SECOND FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETING - 7 APRIL 2021 - COMMUNIQUÉ 2 We welcome the Third Progress Report (Annex 1), which takes stock of the significant progress made against The G20 Action Plan, endorsed on 15 April 2020 and updated last October, sets out the key principles guiding our response, taking into account country-specific conditions. We recall our commitment to fight protectionism and we encourage concerted efforts to reform the World Trade Organization. We acknowledge the important role of open and fair rules-based trade in restoring growth and job-creation. We will refrain from competitive devaluations and will not target our exchange rates for competitive purposes. We recognize that excessive volatility or disorderly movements in exchange rates can have adverse implications for economic and financial stability. We will continue to consult closely on foreign exchange market developments. We remain committed that our exchange rates reflect underlying economic fundamentals and note that exchange rate flexibility can facilitate the adjustment of our economies. Strong fundamentals and sound policies are essential to the stability of the international monetary system. We look forward to the recommendations of the G20 High Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response in July. We emphasize the need to enhance cooperation and policy coherence with and among multilateral organizations, especially with the World Health Organization. In this regard, we recognize the role of COVID-19 immunization as a global public good and reiterate our support to all collaborative efforts, especially to the four pillars of the Access to COVID-19 Tools Accelerator (ACT-A) and its COVAX Facility.
We remain committed to strengthening health systems and facilitating equitable and swift access to safe, effective and affordable COVID-19 vaccines, therapeutics and diagnostics and we encourage efforts to rapidly step up their production and distribution. Overcoming the pandemic is a precondition for a stable and lasting recovery. We reaffirm our resolve to use all available policy tools for as long as required to protect people's lives, jobs and incomes, to support the global economic recovery, fight rising inequalities, and enhance the resilience of the financial system, while safeguarding against downside risks and negative spillovers and preserving long-term fiscal sustainability.
We commit to remaining vigilant and avoiding any premature withdrawal of support measures. We will address the problem of economic scarring, especially on those most impacted, including women, youth, informal and low-skilled workers. However, the recovery appears uneven across and within countries, fragile and subject to elevated downside risks, including the spread of new variants of the COVID-19 virus and different paces of vaccination. After the sharp contraction in 2020, the global outlook has improved mainly due to the roll out of vaccination campaigns and continued policy support.
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