During the Bali meeting, FM Sitharaman stresses the need to improve the effectiveness of the common framework of the G20

Finance Minister Nirmala Sitharaman on Friday stressed the need to improve the effectiveness of the G20 common framework. Sitharaman was speaking at the Third Session on the International Financial Architecture in Bali, Indonesia, which hosts the Third Meeting of G20 Finance Ministers and Central Bank Governors (FMCBG).

“Union FinanceMinister Smt. @nsitharaman participated in the 3rd Session on International Financial Architecture on Day 1 of #G20FMCBG, Bali, today,” the Finance Ministry tweeted. She also commended the work of an expert group on the Multilateral Development Bank and suggested developing a roadmap for implementing its recommendations.

“FM commended the work of the Expert Panel on #MDBs #CapitalAdequacyFramework and suggested developing a roadmap for implementing its recommendations,” the Department of Finance said in a tweet. Sitharaman, who arrived in Bali on Thursday, participated in the panel discussion on sustainable finance for climate transition and highlighted the need for blended finance and the mobilization of private capital to achieve the Sustainable Development Goals (SDGs) .

“The Union Finance Minister highlighted the role of #MDBs, the use of #BlendedFinance and the use of #PrivateCapital to scale up #SustainableFinance and achieve the #SDGs,” the finance ministry said in a series of tweets. Sitharaman shared India’s two-pronged energy transition plan, promoting renewable energy in the energy mix and adopting innovative policy measures to increase energy efficiency and security.

“FM Smt. @nsitharaman has been emphasizing #Panchamrit strategy to tackle #ClimateChange as envisioned by Prime Minister Shri @narendramodi,” the Finance Ministry tweeted. Earlier today, the Union Minister participated in the second session of the G20 Finance Ministers and Central Bank Governors meeting, where she shared her views on the group’s health agenda, including pandemic, preparedness and response mechanisms.

“The Union Finance Minister has stressed the need for immediate mobilization and deployment of resources for health emergencies,” the finance ministry tweeted. “FM Smt. @nsitharaman called for a global coordination mechanism with @WHO at its core. FM also said that India is committed to supporting all efforts to #protect and #prepare against any future #pandemic”, added the Ministry of Finance. (ANI)

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Sara H. Byrd