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Finance Minister Nirmala Sitharaman on Friday underlined the need to improve the effectiveness of the G20 Common Framework.Sitharaman was speaking at the third session on International Financial Architecture in Bali, Indonesia, which is hosting the third G20 Finance Ministers and Central Bank Governors (FMCBG) meeting."Union FinanceMinister Smt. @nsitharaman participated in the 3rd session on International Financial Architecture on Day 1 of #G20FMCBG, in Bali, today" the Ministry of Finance tweeted.She also commended the work of an expert panel on the Multilateral Development Bank and suggested developing a roadmap for implementing its recommendations."FM commended the work of Expert Panel's work on #MDBs #CapitalAdequacyFramework & suggested to develop a roadmap for implementing its recommendations," the Ministry of Finance said in a tweet.Sitharaman, who arrived in Bali on Thursday, attended the Sustainable Finance for Climate Transition roundtable and underlined the need for blended finance and leveraging private capital to achieve sustainable development goals (SDGs)."The Union Finance Minister highlighted the role of #MDBs, use of #BlendedFinance and leveraging #PrivateCapital for scaling up #SustainableFinance and reaching #SDGs," the finance ministry said in a series of tweets.Sitharaman shared India's two-pronged energy transition plan, promoting renewables in the energy mix and adopting innovative policy measures for increasing energy efficiency and security."FM Smt. @nsitharaman emphasised the #Panchamrit strategy to tackle #ClimateChange, as envisaged by Prime Minister Shri @narendramodi," the Finance Ministry tweeted.Earlier today the Union Minister participated in the second session of the G20 Finance Ministers and Central Bank Governors meeting where she shared her views on the group's health agenda, including pandemic, preparedness, and response mechanisms."The Union Finance Minister highlighted the need for immediate mobilisation and deployment of resources for #health emergencies," the Finance Ministry tweeted."FM Smt. @nsitharaman called for a global coordination mechanism with @WHOat its center. FM also said that India is committed to supporting all efforts to #protect and #prepare against any future #pandemic," Finance Ministry added.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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International financial architecture, Latest News

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