Sitharaman participates in 2nd virtual meeting of G-20 Finance Ministers

Union Finance Minister Nirmala Sitharaman on Tuesday participated in the second virtual meeting of the G-20 Finance Ministers to coordinate efforts to deal with the coronavirus pandemic.

The Finance Minister appreciated the Saudi Presidency for organising these meetings to provide an opportunity for all G20 members to not only share their individual experiences but also to work in better coordination, an official statement said.

"G-20 Finance Ministers and Central Bank Governors during the first Extraordinary Virtual G20 FMCBG Meeting held on March 23, 2020, had decided to meet virtually on a regular basis to continue discussions on the evolution of the COVID-19 pandemic, including its impact on markets and economic conditions and take further actions to support the economy during and after this phase," it added.

Sitharaman expressed her support to the G-20 action plan and emphasised that such plans would provide learning and critical insights in dealing with pandemics like coronavirus and their potential economic fallout.

"The Finance Minister made specific interventions on reviewing and enhancing the IMF toolkit and further expanding the swap line network. She suggested that 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," said the statement.

It further said, "Referring to the G-20 Leaders statement, regarding regulatory and supervisory measures, she (Sitharaman) emphasised the importance of ensuring that the financial system continues to support and quickly revive the economy.

Prime Minister Narendra Modi had participated in the G-20 leader's virtual summit held last week organised under the current chair, Saudi Arabia.