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Sitharaman attends FMCBG meeting in Washington D.C.
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Top Stories |
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SME Times News Bureau | 14 Oct, 2021
Union Minister for Finance & Corporate Affairs Nirmala Sitharaman
participated in the 4th G20 Finance Ministers and Central Bank Governors
(FMCBG) Meeting under the Italian Presidency held on October 13 in
Washington D.C. on the sidelines of the IMF-World Bank Annual Meetings.
The
meeting was the final FMCBG Meeting under the G20 Italian Presidency
and saw discussions and agreements on various issues concerning global
economic recovery, pandemic support to vulnerable countries, global
health, climate action, international taxation and financial sector
issues.
For a sustained recovery from the pandemic, the G20
Finance Ministers and Central Bank Governors agreed to avoid any
premature withdrawal of support measures, while preserving financial
stability and long-term fiscal sustainability, and safeguarding against
downside risks and negative spillovers.
Sitharaman noted that for
transitioning from crisis to recovery, one of the major challenges is
ensuring equitable access to vaccines for all. The Finance Minister
suggested that keeping up the support, building resilience, enhancing
productivity and structural reforms should be our policy goals.
The
Finance Minister appreciated the role of G20 in rallying pandemic
response and supporting vulnerable countries through debt relief
measures and the new SDR allocation. Going forward, Sitharaman suggested
on focusing efforts on making the benefits reach the intended
countries.
The Finance Minister joined the G20 Ministers and
Governors in agreeing on the need for strengthening efforts to counter
climate change. Sitharaman emphasised that considering the varied policy
spaces and different starting points of countries, the centrality of
climate justice based on United Nations' Framework Convention on Climate
Change and principles of Paris Agreement would be critical for taking
forward discussions towards successful outcomes.
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 October 8, 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.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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