India attends G20 Finance Ministerial Meeting
On April 15, 2020, Finance Minister Nirmala Sitaraman attended G20 Finance Minister meet. The Minister shared the policy measures being implemented by the Government of India and RBI.
Action Plan
The outcome of the virtual financial ministerial meet is as follows
- To deliver comprehensive IMF support package
- To implement support of multilateral development banks
- To address debt vulnerabilities in low-income countries
- To enhance coordination among international organizations
- To optimize use of resources
- The members agreed to follow principles of FSB (Financial Stability Board) to assess and address financial stability risks.
About the meet
Every year since 1999, the financial minsters of the G20 member countries meet to discuss major economic issues that is prevailing globally.
Financial Stability Board
The Financial Stability Board works towards international financial stability. It seeks to strengthen financial systems all over the world. The Board takes its decision based on the reports of IMF and World Bank. There are three Standing committees that operated under the board. They are
- Standing Committee on assessment of vulnerabilities
- Standing Committee on Regulatory Cooperation.
- Standing committee on Standards Implementation.
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Month: Current Affairs - April, 2020