Monday, Oct 18 2021 | Time 13:00 Hrs(IST)
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Business Economy


G20 Finance Ministers agree to avoid premature withdrawal of support measures, Sitharaman stresses on vaccine for all

New Delhi, Oct 14 (UNI) One of the major challenges in transition from pandemic-induced economic crisis to recovery is ensuring equitable access to vaccines for all, Finance Minister Nirmala Sitharaman has said.

Participating in the 4th G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Washington, the Minister said that keeping up the support, building resilience, enhancing productivity and structural reforms should be the policy goals.

For sustained recovery from the pandemic, the G20 Finance Ministers and Central Bank Governors agreed to avoid any premature withdrawal of support measures.

They stressed on preserving financial stability and long-term fiscal sustainability, and safeguarding against downside risks and negative spillovers.

"The Finance Minister appreciated the role of G20 in rallying pandemic response and supporting vulnerable countries through debt relief measures and the new SDR (Special Drawing Rights) allocation," an official statement said.

Going forward, Sitharaman suggested on focusing efforts on making the benefits reach the intended countries.

For addressing tax challenges arising from the digitalisation of the economy, the G20 FMCBGs endorsed the final agreement as set out in the Statement on a two-pillar solution and the Detailed Implementation Plan released by the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) on 8th October, 2021.

The meeting concluded with the G20 FMCBGs reaffirming their commitment to advance the forward-looking agenda set in the G20 Action Plan to steer the global economy towards a strong, sustainable, balanced and inclusive growth.

UNI NK
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