⁍ Financial leaders from the Group of 20 major economies vowed to ‘do whatever it takes’ to support the global economy and financial stability.

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⁍ In a lengthy communique, G20 finance ministers and central bank governors also agreed in principle for the first time on a ‘Common Framework’ to deal with the rising number of low-income countries facing debt distress.

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⁍ G20 officials also agreed – as expected – to extend by six months the Debt Service Suspension Initiative (DSSI) that freezes official bilateral debt payments until year-end.

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– The World Bank and International Monetary Fund are holding their annual meetings in Washington, DC, this week, with the theme of “Designing a Post-Crisis Response for a Post-Pandemic World.” What you need to know: The Guardian reports that the theme of this year’s meetings is “Designing a Post-Pandemic Response for a Post-Pandemic World.” The goal is to come up with ways to reduce the number of people living in extreme poverty around the world by the year 2021—about 150 million more people than were living in extreme poverty in 2015. Here’s what else you need to know: Treasury Secretary Steven Mnuchin had a busy day on Capitol Hill, where he testified before the House Ways and Means Committee about the Trump administration’s proposed budget, the Washington Post reports. The budget would cut federal funding for the IMF and the World Bank by almost $500 billion over 10 years. It would also cut federal funding for the EPA and the National Institutes of Health by hundreds of billions of dollars. The Wall Street Journal reports that Mnuchin said the budget would be a “down payment” on President Trump’s promised wall along the US-Mexico border and a “down payment” on infrastructure projects around the world. The New York Times reports that Trump’s proposed budget would cut federal funding for the IMF and the World Bank by $1 trillion over 10 years. It would also cut federal funding for the EPA and the National Institutes of Health by hundreds of billions of dollars. Reuters reports that G20 finance ministers and central bank governors agreed in principle for the first time on a “Common Framework” to deal with the rising number of low-income countries facing debt distress.