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Finance Minister Smt. Nirmala Sitharaman attends the G20 Finance Ministers and Central Bank Governors Meeting

New Delhi:14/10/20: Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Saudi Arabian Presidency here today through video conferencing. Ministers and Governors of G20 countries had gathered to discuss the current global economic outlook and G20’s response to the COVID-19 pandemic, along with other G20 Finance Track priorities for the year 2020.

In the first session, the Finance Minister spoke on updates to the G20 Action Plan in response to COVID-19 which was endorsed by the G20 Finance Ministers and Central Bank Governors on April 15th 2020. Smt. Sitharaman emphasised that the updated commitments in the G20 Action Plan have to be kept relevant in the current policy context for the action points to remain effective as a policy response to COVID-19.

One of the key outcomes of the G20 Action Plan has been the Debt Service Suspension Initiative (DSSI) which provides time bound suspension of debt service payments for the low income debtor countries that request forbearance.  The initiative was initially in force till end of 2020. During this meeting, in light of the continued liquidity pressures, the G20 Finance Ministers and Central Bank Governors agreed to extend the DSSI by 6 months, and to examine by the time of the 2021 IMF/WBG Spring Meetings if the economic and financial situation requires a further extension of the DSSI.

Talking about addressing the debt vulnerabilities of low income countries, Smt. Sitharaman observed that in a longer term, a more structural treatment of debt is required. She emphasised that this process should primarily be guided by the objective of helping such countries overcome the fiscal stress caused by the pandemic. The Finance Minister underlined that it would be important to take into consideration the circumstances and concerns of both creditors and debtors and that in the process of debt restructuring, care must be taken to not saddle the debtor countries with overly burdensome conditionalities.

About Ashok Palit

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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