Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman participated in the virtual session of the 2nd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Saudi Arabian Presidency, to discuss the global economic outlook amid evolving COVID-19 pandemic crisis. Finance Minister appreciated the Saudi Presidency for their tireless efforts in delivering on the outcomes as mandated by the G20 Leaders during the Extraordinary Leaders' Summit, particularly in preparation of G20 Action Plan in Response to COVID-19.
Finance Minister focused upon the role of Finance Ministers and Central Bank Governors in safeguarding the lives and livelihood of people while maintaining macroeconomic stability in a sustainable manner. She shared with her G20 counterparts the measures taken by Government of India to provide the vulnerable sections with swift, timely and targeted assistance. She added that so far, within a couple of weeks, India has disbursed financial assistance amounting to USD 3.9 billion to more than 320 million people, with a special focus on direct benefit transfer through digital technology so that the exposure of beneficiaries to public places is minimised.
Sitharaman also said that the monetary policy measures undertaken by Government of India, Reserve Bank of India and other regulators have helped de-freeze the market and catalyse credit flows. These measures include liquidity support of USD 50 billion, regulatory and supervisory measures for credit easing, relief on debt servicing through moratoriums on instalments of term-loans, eased working capital financing and deferred interest payments on such financing.
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