Focus: GS-II International Relations

Why in news?

Union Minister for Finance & Corporate Affairs participated in the 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting.

Details and Highlights

  • The G-20 FMCBG meeting was held to discuss the global economic outlook amid evolving COVID-19 pandemic crisis along with other G20 Finance Track priorities for the year 2020.
  • This G20 Action Plan lays out a list of collective commitments under the pillars of Health Response, Economic Response, Strong and Sustainable Recovery and International Financial Coordination, aimed at co-ordinating G20 efforts to fight the pandemic.
  • The procyclicality of credit rating downgrades by the rating agencies and its deterrent impact on policy options, particularly for EMEs was discussed.
  • Highlighted G20 Finance Track deliverables
  • Enhancing access to opportunities for Women, Youth and SMEs and a Menu of Policy Options on Access to Opportunities developed by G20.
  • The intended deliverable of formulating a solution for addressing challenges related to digital taxation, under International Taxation agenda.

Click Here to read more about the G-20 Group

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