The 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting was held under the Saudi Arabian Presidency through Video Conferencing. India was represented by Union Minister for Finance & Corporate Affairs Nirmala Sitharaman in the meeting. During the meet, the participants deliberated on the global economic outlook amid evolving COVID-19 pandemic crisis along with other G20 Finance Track priorities for the year 2020.
During the Finance Ministers and Central Bank Governors meet, Nirmala Sitharaman highlighted the measures taken by India to fight the COVID-19 pandemic such as direct benefit transfers, special support to agriculture and MSME sectors, rural employment guarantee measures etc.
Important takeaways for all competitive exams:
- The Group of Twenty (G20) is the premier forum for international economic cooperation which brings together the leaders of both developed and developing countries from every continent.
- The members of the G20 group are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, the United Kingdom, the United States and the European Union (EU).