Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in the G20 Finance Ministers virtual meeting here yesterday. Finance Ministers of the G20 countries gathered to discuss their views on the global economic outlook and downside risks in wake of the COVID-19 crisis and how G20 could carry forward the collective global action initiated during the crisis.

The Finance Minister emphasized the need for further efforts by the G20 members to end the crisis and highlighted affordability and accessibility of vaccines for all as a crucial step in this direction. Smt. Sitharaman highlighted the G20 Action Plan as the mainstay of the G20’s economic response and shared that it not only coordinates our immediate response, but also guides our long-term recovery efforts. Highlighting the Debt Service Suspension Initiative as an important outcome under the G20 Saudi Arabian Presidency, the Finance Minister emphasized on the need for collective and coordinated efforts by all G20 members to achieve this deliverable.

Smt. Sitharaman congratulated the Saudi Arabian Presidency for their tireless efforts and exceptional leadership to steer the G20 agenda in response to the COVID-19 pandemic. The Finance Minister shared that India looks forward to work with the Italian Presidency as a Troika member from December 2020.

G20 Action Plan reinforces coordinated economic response and recovery, prioritising vaccine access and debt suspension measures. Participation in the G20 Finance Ministers meeting emphasised the G20 Action Plan as the central coordinating framework for immediate crisis response and long term recovery, stressed affordability and accessibility of vaccines, and called for collective implementation of the Debt Service Suspension Initiative as a key deliverable requiring coordinated action by G20 members.