Union Finance Minister @nsitharaman attends 2nd #G20 Finance Ministers and Central Bank Governors meeting to discuss the global economic outlook amid evolving #COVID19Pandemic crisis#IndiaFightsCorona
— PIB India ?? #StayHome #StaySafe (@PIB_India) April 15, 2020
On Wednesday, Finance Minister Smt. Nirmala Sitharaman participated in the virtual session of the 2nd G20 FMCBG meeting. The acronym FMCBG stands for “Finance Ministers and Central Bank Governors”.
The meet has been held to discuss the global economic outlook amidst the rapidly spreading COVID-19 pandemic crisis.
She appreciated the Saudi Presidency for their continuous efforts in delivering on the outcomes especially in the preparation of the G20 Action Plan in Response to COVID-19.
Earlier, Finance Minister had represented India in the 2nd Extraordinary Virtual G20 FMCBG Meeting held on March 31.
She underlined the importance of international cooperation and coordinated actions in ensuring that the financial system continues to support and quickly revive the global economy.
The G20 Summit continues to focus on measures to support global economic growth. It emphasizes promoting job creation and open trade. Each G20 President invites a number of guest countries each year.
The development comes at a time when the coronavirus crisis is set to rob the world economy of more than $5 trillion of growth over the next two years, as per Wall Street Banks.
According to the United Nations Conference on Trade and Development (UNCTAD), commodity-rich exporting countries will face approximately 2-3 trillion dollars drop in investments from overseas over the next 24 months.
Also, IMF’s economists expect global GDP to fall by 3% in 2020. “Never in the history of the IMF have we witnessed the world economy come to a standstill,” IMF’s director Kristalina Georgieva said.
In addition to this, an action plan has been prepared by G20 members on the directions of G20 Leaders to:
– Protect lives
– Safeguard people’s jobs and incomes
– Restore confidence
– Preserve financial stability
– Revive growth
– Coordinate on public health & financial measures
– Minimize disruption to global supply chains
• The G20 is a group of 19 countries and the European Union.
• The G20 membership represents about two-thirds of the world’s population, 85% of global GDP, 80% of global investment and over 75% of international trade.
• The members of the G20 are:
12. Republic of Korea
15. Saudi Arabia
16. South Africa
18. United Kingdom
19. United States
20. European Union