Current Affairs In Detail

Finance Minister participated in G20 meeting of Finance Ministers
Finance Minister participated in G20 meeting of Finance Ministers

The Ministers recommended a G20 Action Plan in Response to COVID-19 and asked a close cooperation with relevant international organizations.

01 April 2020 Current Affairs:Finance Minister Nirmala Sitharaman participated in the 2nd Extraordinary G20 Finance Ministers and Central Bank Governors meeting. It was hosted under the Chairmanship of Saudi Arabian on 31 March. The Ministers discussed the impact of COVID-19 pandemic on the global economy and coordinate efforts in response to this global challenge. The meeting was a follow up on the discussion of the 1st virtual meeting and to discuss the follow-up in line with the statement made by G20 Leaders during the G20 Virtual Leaders Summit held on 26 March.

Highlights:
♦ The G20 members will provide an opportunity to all G20 members to not only share their individual experiences but also to work in better coordination.
♦ The meeting was held virtually on a regular basis to continue discussions on the evolution of the COVID-19 pandemic.
♦ They also discussed the impact on markets and economic conditions and take further actions to support the economy during and after this phase.
♦ The Ministers recommended a G20 Action Plan in Response to COVID-19 and asked a close cooperation with relevant international organizations.
♦ It aimed at providing an opportunity for immense cross-learning and critical insights. 
♦ Discussions regarding regulatory and supervisory measures to support and quickly revive the economy was held. 
♦ It was suggested that the International Monetary Fund (IMF) can develop innovative and ingenious methods to meet COVID-19 related financing requirements given that policy space is severely constrained in most countries in these unprecedented circumstances.