New Delhi, April 15 (IANS) Finance & Corporate Affairs Minister Nirmala Sitharaman participated in the virtual session of the 2nd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting on Wednesday under the Saudi Arabian Presidency, to discuss the global economic outlook amid evolving Covid-19 pandemic crisis.
During the meeting, she appreciated the Saudi Presidency for their tireless efforts in delivering on the outcomes as mandated by the G20 Leaders during the Extraordinary Leaders” Summit, particularly in preparation of G20 Action Plan in Response to Covid-19.
Sitharaman had represented India in the 2nd Extraordinary Virtual G20 FMCBG Meeting held on March 31, wherein she talked about the importance of international cooperation and coordinated actions in ensuring that the financial system continues to support and quickly revive the global economy.
During her intervention, Sitharaman focused upon the role of Finance Ministers and Central Bank Governors in safeguarding the lives and livelihood of people while maintaining macroeconomic stability in a sustainable manner. She also shared with her G20 counterparts the measures taken by the India government to provide the vulnerable sections with swift, timely and targeted assistance.
In this regard, she mentioned that India has disbursed financial assistance amounting to $3.9 billion to more than 320 million people, with a special focus on direct benefit transfer.
The Finance Minister also said that the monetary policy measures undertaken by Government, the Reserve Bank of India and other regulators have helped de-freeze the market and catalyse credit flows. These measures include liquidity support of $50 billion, regulatory and supervisory measures for credit easing, relief on debt servicing through moratoriums on instalments of term-loans, eased working capital financing and deferred interest payments on such financing.
An Action Plan has been prepared by G20 members on the directions of G20 Leaders to protect lives, safeguard people”s jobs and incomes, restore confidence, preserve financial stability, revive growth and recover stronger, provide help to countries needing assistance, coordinate on public health and financial measures and minimise disruption to global supply chain.
Sitharaman called it a step in the right direction and said that the document will guide individual and collective actions for the G20 members in responding to Covid-19 pandemic in short and medium term.