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Smt. Nirmala Sitharaman attends the Plenary Meeting of the International Monetary and Financial Committee

New Delhi:16/4/20: Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman attended through video-conference the Plenary Meeting of the International Monetary and Financial Committee, the Ministerial-level committee of the International Monetary Fund (IMF) here today.

The discussions at the meeting were based on IMF Managing Director’s Global Policy Agenda titled, “Exceptional Times – Exceptional Action”. The members of the IMFC updated the committee on the actions and measures taken by member countries to combat COVID-19, and also remarked on IMF’s crisis-response package to address global liquidity and members’ financing needs.

Smt. Sitharaman, in her intervention at the meeting, outlined various measures taken in India to respond to the health crisis as well as to mitigate its impact. In this regard, she mentioned about allocation of $2 Billion (Rs 15,000 crore) by the Government of India for strengthening the healthcare system; announcement of a scheme of social support measures amounting to $23 Billion (Rs 1.70 lakh crore) to alleviate the hardship of the poor and the vulnerable; provision of relief to firms in statutory and regulatory compliance matters; easing of monetary policy by the RBI; and three-month moratorium on loan instalments. The Finance Minister also informed the IMFC about India’s role as a responsible member of the global community by providing critical medicines to other nations. She also mentioned about Prime Minister Shri Narendra Modi’s initiative of creating a COVID-19 Emergency Fund for the SAARC region at the SAARC Leaders’ video-meeting.

While responding to the IMF’s channel of support to member countries in times of the COVID-19 crisis, Smt. Sitharaman mentioned that the IMF has always played a pivotal role in maintaining stability of the international monetary and financial system and that it should continue rendering this critical role to the global financial architecture.

The IMFC meets twice a year, once during the Fund-Bank Annual Meetings in October, and again during the Spring Meetings in April. The Committee discusses matters of common concern affecting the global economy and advises the IMF on the direction of its work. This year, due to the COVID-19 Outbreak, the meeting took place through video-conference.

 

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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