The finance ministers of the US and its economic allies, G20 issued a statement warning that the global recovery is not possible may not be possible due to the growing variants and the poor vaccine access in the poorer countries.

This was the first face-to-face meeting between the finance ministers of the economic powerhouse of the world since the start of a pandemic.

The meeting decided on several things including the endorsement of new rules aimed at stopping multinationals shifting profits to low-tax havens which paves the way for G20 leaders to finalize a new global minimum corporate tax rate of 15% at a Rome summit in October.

The move could recoup hundreds of billions of dollars for public treasuries straining under the COVID-19 crisis.

The meeting also emphasized the essentiality of vaccines and the fragility due to the fast-spreading variants like Delta.

“The recovery is characterized by great divergences across and within countries and remains exposed to downside risks, in particular the spread of new variants of the COVID-19 virus and different paces of vaccination,” the statement from the G20 read.