Sitharaman discusses global economic outlook at G20 Finance Ministers and CB Governors Meet

Finance Minister Nirmala Sitharaman on Wednesday participated in the G20 Finance Ministers and Central Bank Governors Meeting, where she discussed the global economic outlook and response to the COVID-19 crisis.

"Finance Minister Smt. @nsitharaman participated in the G20 Finance Ministers and Central Bank Governors Meeting today to discuss the global economic outlook and response to COVID-19 crisis along with other G20 Finance Track issues for 2020," said the Ministry of Finance in a Twitter post.

During the meeting, Sitharaman said that India, as a co-chair of the G20 Framework Working Group, had ensured that the commitments of G20 Action Plan for COVID-19 have been updated to keep it effective as the crisis evolves.

"India as co-chair of the G20 Framework Working Group has ensured that the commitments in G20 Action Plan in response to COVID19 are updated to keep it relevant and effective as the crisis evolves," tweeted Ministry of Finance.

"Smt @nsitharaman joined G20 Finance Ministers and CB Governors in agreeing to extend the G20 Debt Service Suspension Initiative (DSSI) for a period of 6 months till June 2021," said the Ministry of Finance in another tweet.

Sitharaman further said that international policy coordination on sovereign debt restructuring should be focused on helping low-income countries to overcome the financial stress caused by the pandemic.

"Smt. @nsitharaman stated that international policy coordination on sovereign debt restructuring should primarily be guided by the objective of helping low income countries to overcome the fiscal stress caused by COVID19 pandemic," said Ministry of Finance.

More G20 meetings are expected to take place in preparation for the 2020 G20 Leaders' Summit, which will be held from November 21 to 22.

This year's G20 leaders summit under the theme of "Realising opportunities of the 21st century for all" will be held in an online format amid the coronavirus pandemic, the G20 Saudi Secretariat said in a statement.

The summit will be chaired by Saudi Arabian King Salman bin Abdulaziz Al Saud.

( With inputs from ANI )