Washington: Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman participated in the 4th G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting under the Italian Presidency held on Wednesday in Washington D.C. on the sidelines of the IMF-World Bank Annual Meetings.

The meeting was the final FMCBG Meeting under the G20 Italian Presidency and saw discussions and agreements on various issues concerning global economic recovery, pandemic support to vulnerable countries, global health, climate action, international taxation and financial sector issues.

For a sustained recovery from the pandemic, the G20 Finance Ministers and Central Bank Governors agreed to avoid any premature withdrawal of support measures, while preserving financial stability and long-term fiscal sustainability, and safeguarding against downside risks and negative spillovers.

Smt. Sitharaman noted that for transitioning from crisis to recovery, one of the major challenges is ensuring equitable access to vaccines for all. The Finance Minister suggested that keeping up the support, building resilience, enhancing productivity and structural reforms should be our policy goals.

The Finance Minister appreciated the role of the G20 in rallying pandemic response and supporting vulnerable countries through debt relief measures and the new SDR allocation. Going forward, Smt. Sitharaman suggested focusing efforts on making the benefits reach the intended countries.