On Monday, Nirmala Sitharaman, the minister of finance, argued persuasively for concerted worldwide action to address the issues of food, energy, and climate change.
Sitharaman said that the global economic growth is below its long-term average and continues to be uneven in her opening comments at the two-day G20 Finance Ministers and Central Bank Governors (FMCBG) conference held here.
“… To get through this difficult time, we need coordinated worldwide cooperation. The G20 Framework Working Group examined how to address macroeconomic issues including addressing energy and food poverty, as well as those relating to climate change and transition paths.
The minister said that “the policy lessons that have resulted from these issues clearly underpin the need for increased international economic cooperation.”
According to Sitharaman, “the future depends on what we do in the present.” This is a quote from Mahatma Gandhi.
She stated, “This statement effectively conveys the responsibility we have as the G20 countries’ finance ministers and central bank governors to steer the global economy towards a strong, sustainable, balanced, and inclusive group.”
The Joint Finance and Health Task Force’s multi-year work plan, which was backed by advice from regional organizations, was established in 2023 with the intention of boosting the voices of low-income nations, she added.
She claimed that the different work streams of the G20 Finance track have now released their deliverables in accordance with the mandate set down at the FMCBG meeting in February.
She thanked the co-chairs of various G20 finance track working groups, international organizations, and the G20 membership on behalf of the presidency for their extraordinary assistance in helping the Indian presidency develop these deliverables despite the tight deadlines.
The framework on economic risks and vulnerabilities, the report on best practices for financial health and institutional arrangements, and the study on mapping pandemic response finance possibilities and gaps are three key deliverables that have been developed, according to the speaker.
