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.
