The Union Finance Minister Nirmala Sitharaman took part in the fourth G20 Finance Ministers Central Bank Governors meeting. She discussed developments in the global economy, global commons, support to vulnerable countries,, international taxation as well as the impacts of climate change and COVID-19 at the G20 summit. Sitharaman embarked on a week long journey to the Unites States of America on October 11th. The agenda of her visit included attending the G20 Finance Ministers and Central Bank Governors(FMCBG) meeting.
At the meeting, Ministers and governors recognized that global recovery from the effects of the pandemic is continuing at a solid pace. The credit of which goes to rollout of vaccines and strong policy support, read the G20 statement. In her remarks, Sithararman said, it is essential to keep up the support, build resilience and enhance productivity and structural reforms. These “should be our policy goals” she added.
The G20 released a statement post the high-level meeting which suggested that members reaffirmed their willingness to continue sustaining the recovery. They want to avoid any premature withdrawal of support measures. They agreed to use all the tools available for as long as required to support the most impacted. The G20 Finance Track remains determined to bring the pandemic under control everywhere as soon as possible.
Sitharaman also praised the recent Organisation for Economic Operations and Development decision on global taxation. This agreement, she said, helps to address the tax challenges that arise from the digitalization of the economy. It also helps in dealing with Base Erosion and Profit Shifting issues.
What is G20 and what does it stands for?
G20 or Group of twenty, is an intergovernmental forum comprising of 20 countries and the European Union. The forum works to address major issues related to the global economy, such as climate change, sustainable development and financial stability. The G20 comprises of world’s most largest economies including both developed and developing nations.
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