Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman represented India in the virtual session of the 2nd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting. The 2nd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting was held under the presidency of Saudi Arabia. The prime objective of the meeting was to discuss the global economic outlook amid advancing COVID-19 pandemic crisis.
Key takeaways of the 2nd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting:
- Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman emphasized the role of Finance Ministers as well as Central Bank Governors to safeguard the lives and livelihood of people, and at the same time, maintaining the macroeconomic stability in a sustainable manner.
- During the meeting, the minister also shared the measures taken by Government of India to facilitate the vulnerable sections with swift, timely and targeted assistance.
- G20 members has also shared an Action Plan to combat COVID-19 in order to protect lives, safeguard people’s jobs and incomes, preserve financial stability, revive growth and recover stronger. The shared action plan also aims to restore the confidence, provide help to countries needing assistance, coordinate on public health and financial measures and minimise disruption to global supply chain.
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).