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G-20 Finance Ministers and Central Bank Governors’ Virtual Meetings.

G-20 Finance Ministers and Central Bank Governors’ Virtual Meetings.

Recently the second virtual meeting of the G20 countries was concluded. Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman participated in this meeting on behalf of India.

This meeting was chaired by Italy. Finance Ministers and Central Bank Governors (FMCBG) of G-20 countries were also present in this conference.

Key points of the conference:

In this conference, basically 3 subjects were agreed upon, as

Action plan of G-20 to tackle COVID-19 pandemic.

The commitment of the G-20 resolutions, made on Paris climate change.

Restoration of growth for developing and Low-Income Countries.

  • The G-20 Action Plan will include a set of commitments aimed at supporting the policy response to the pandemic and steering the international economic coordination for a balanced, sustainable and inclusive recovery, while preparing the ground for the post-COVID-19.

Apart from this, the central bank governor and the G20 finance ministers discussed the update of the G-20 action plan to deal with Covid-19.

  • The G-20 meeting also agreed to support the financial needs of the weakest economies.

Also, topics related to the agenda of international taxation, promotion of green measures and regulation of finance related to pandemics were also discussed.

  • The Indian Finance Minister urged all G-20 members to ensure equal access and wide distribution of the vaccine.

India is increasingly pursuing a major campaign for home immunization. It has emerged as a major global producer of vaccines and medical products, especially during the pan

  • It should be known that till now over 64 million doses have been supplied to 84 countries under the vaccination campaign. Also, under this campaign, vaccine supplements were made available to more than 87 million citizens in India.

The Finance Minister said that India has given 10 million doses abroad as a grant under the vaccination campaign.

  • It is to be noted that the G-20 countries have formed a high-level independent panel on financing for the preparation and response to the pandemic. The Indian Finance Minister said that this panel should learn from the work done by India for the pandemic.

Smt.Sitharaman suggested the need to focus on the flow of funds from international financial institutions for green measures as well as restoring growth for developing and low income countries.

  • To help the economies of poor countries, the Finance Minister spoke of extending the initiative to extend the loan installment by six months to December 2021.

G-20

  • The G-20 is an association of finance ministers and governors of the central bank from 20 major economies of the world, which includes 19 countries and the European Union,which is represented by the President of the European Council and the European Central Bank.
  • The countries included in the G20 are USA, Saudi Arabia, Australia, Canada, India, Russia, South Africa, Turkey, Argentina, Mexico, France, Germany, Italy, UK, China, Japan, Indonesia, South Korea and the European Union.
  • Spain is specially invited each year as a permanent guest.
  • G-20 member countries represent around 85% of global GDP, 75% of global trade and more than two-thirds of the world’s population.

Source – PIB

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