By CNBCTV18.com Feb 17, 2022 10:13:36 PM IST (Updated)
FM Nirmala Sitharaman is scheduled to join the two-day G20 virtual meeting again to discuss global economic issues and priorities for the 20 biggest economies in 2022.
Finance Minister Nirmala Sitharaman on Thursday participated in the first G20 Finance Ministers and central governors meeting under the presidency of Indonesia.
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During the virtual meet, the FM said the International Monetary Fund (IMF) as well as the world's biggest 20 economies should join hands to ensure increased funding to prepare for future pandemics.
"Low-income countries that do not have the resources should get global support," Sitharaman told her counterparts in the virtual meeting.
"Members, including the IMF, should come together to address the gaps in global pandemic preparedness," Sitharaman said.
Finance Minister Smt. @nsitharaman participates in 1st #G20 Finance Ministers and Central Bank Governors meeting under @G20Indonesia Presidency. FM will virtually join sessions during the 2-day meeting to discuss current #global economic issues and #G20 priorities for 2022. (1/4) pic.twitter.com/9xvb3vxrNK
— Ministry of Finance (@FinMinIndia) February 17, 2022
Janet Yellen warns of devastating costs
US Treasury Secretary Janet Yellen has also asked G20 members to back a planned fund to invest in pandemic preparedness. She had warned failure to do so could have devastating costs.
The proposed financial intermediary fund, to be hosted at the World Bank, would help channel the estimated $75 billion in investments needed to reduce global vulnerabilities to future pandemics.
Sitharaman also said the World Health Organization (WHO) needed to augment its capacity and mobilise global resources, and structural bottlenecks would have to be addressed to lessen the impact a pandemic might have.
Sitharaman is scheduled to join the two-day G20 virtual meeting again to discuss global economic issues and priorities for the 20 biggest economies in 2022.
The Union Cabinet, chaired by Prime Minister Narendra Modi, on February 15, approved the setting up of a G20 Secretariat and its reporting structures. It also approved staffing for the secretariat.
India will hold the Presidency of the G20 from December 1, 2022, to 30 November 2023, culminating with the G20 Summit in India in 2023.
First Published: Feb 17, 2022 10:12 PM IST
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