Finance Minister attends 2nd G20 Finance Ministerial Meeting
The purpose of the virtual meet was to discuss the global economic outlook during the ongoing COVID-19 pandemic crisis.
Finance Minister, Smt. Nirmala Sitharaman attended the virtual session of the 2nd G20 Finance Ministers and Central Bank Governors Meetings on April 15. The purpose of the virtual meet was to discuss the global economic outlook during the ongoing COVID-19 pandemic crisis.
The meeting took place under the Saudi Arabian presidency. Finance Minister during the session appreciated the efforts of the Saudi Arabian presidency in the preparation of the G20 Action plan in Response to COVID-19.
Nirmala Sitharaman had also represented India in the 2nd Extraordinary Virtual G20 FMCBG meeting on March 31, 2020.
In the meet on March 31st, she talked about the significance of coordinated actions as well as international cooperation to ensure that the financial system supports and helps in reviving the global economy.
2nd G20 Finance Ministers and Central Bank Governors Meetings: Key Highlights
• In the session, Nirmala Sitharaman highlighted the roles of finance ministers and central bank governors in safeguarding the lives and livelihood of people as well as maintaining economic stability.
• The Finance minister also shared the initiatives taken by the Indian government to provide assistance to the vulnerable sections during the time of crisis.
• The meet of Finance Ministers and Central Bank Governors was also informed that measures such as financial inclusion were part of economic reforms planned by the Narendra Modi government.
• The Union minister during the session appreciated the G20 Action Plan response and called it a step in the right direction that will guide individual and collective actions against COVID-19 pandemic.
Measures taken by the Indian Government against COVID-19:
• India has given financial assistance amounting to USD 3.9 billion to more than 320 million people. The assistance has been given through digital technology to minimize the exposure of public places.
• The monetary measures taken by the Indian Government and Reserve Bank of India have helped de-freeze the market and allowed smooth credit flow.
• The monetary measures of the Indian government also include liquidity support of USD 50 billion, measures for credit easing, giving relief on the installments of term loans, easing capital financing and deferring interest payment on such financing.
G20 Action Plan in response to COVID-19 Pandemic:
G20 members have been preparing the action plan on the directions of G20 leaders. The purpose of the plan is to:
• Restore confidence
• Preserve financial stability
• Protecting lives
• Safeguarding people’s jobs and incomes
• Revive growth and recover stronger
• Coordinate on public health and financial measures
• Provide help to the countries who need assistance
• Minimize disruption to the global economic chain