Need further efforts by G-20 countries to end COVID-19 crisis: FM Nirmala Sitharaman 

By: |
November 20, 2020 9:06 PM

At a virtual meeting on Friday, the finance ministers of G-20 countries gathered to discuss their views on the global economic outlook and downside risks in the wake of COVID-19 crisis and how G20 could carry forward the collective global action initiated during the crisis.

The DSSI provides time-bound suspension of debt service payments for the low-income debtor countries that seek forbearance.The DSSI provides time-bound suspension of debt service payments for the low-income debtor countries that seek forbearance.

Finance Minister Nirmala Sitharaman on Friday emphasised the need for further efforts by the G-20 countries to end the COVID-19 crisis, and highlighted affordability as well as the accessibility of vaccines for all as a crucial step in this direction.

At a virtual meeting on Friday, the finance ministers of G-20 countries, which is a grouping of developing and developed nations, gathered to discuss their views on the global economic outlook and downside risks in the wake of COVID-19 crisis and how G20 could carry forward the collective global action initiated during the crisis.

“The Finance Minister emphasised the need for further efforts by the G20 members to end the crisis and highlighted affordability and accessibility of vaccines for all as a crucial step in this direction,” an official statement issued here said.

Sitharaman highlighted the G20 Action Plan as the mainstay of the G20’s economic response and shared that it not only coordinates our immediate response but also guides our long-term recovery efforts.

The G20 finance ministers and central bank governors in April published an Action Plan for the international response to the COVID-19 pandemic.

The Action Plan covers healthcare, economic and fiscal responses that G20 members have agreed to undertake, as well as measures to ensure a return to a strong and sustainable global economy, the provision of support to countries in need and the learning of lessons in preparation for future crises.

Highlighting the Debt Service Suspension Initiative as an important outcome under the G20 Saudi Arabian Presidency, Sitharaman emphasised on the need for collective and coordinated efforts by all G-20 members to achieve this deliverable.

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