G20 Central Bank Governors’ Meet

G20 Central Bank Governors’ Meet

Question: On 26th February 2021, G20 Central Bank Governors’ Meet was organised virtually? It was organised under whose presidentship?
a)USA
b) India
c) Italy
d) Germany
Ans: c)
Context

  • The Finance Minister of India, Nirmala Sitharaman, attended the G20 Central Bank Governors’ meeting on February 26, 2021.

Facts

  • This was the first event organised by G20 under leadership of Italy. It was held virtually.
  • The Ministers and Governors acknowledged that health and economic conditions remain difficult despite the launch of vaccination campaigns and signs of strengthening economic activity.
  • Granting equitable access to safe vaccines, diagnostics and therapeutics for all countries is a top priority for all the Ministers and Governors.
  • During the meeting, the finance minister of India highlighted India’s policy response with respect to COVID-19 pandemic and the world’s largest inoculation drive with their G-20 counterparts.
  • She further stated that, India’s domestic policies is based broadly on the supporting citizens using the measures like direct transfer, credit guarantees, economic stimulus packages, food guarantees and accelerating structural reforms.
  • She also spoke regarding the vaccination drive in India. It is the world’s largest and ambitious vaccination drive. She also mentioned that India has extended its vaccine support to several countries.
  • Issues like financial sector issues, global economic outlook, financial inclusion and sustainable finance,implications of climate change on global growth and financial stability were also discussed.

G20 Grouping

  • It is an international forum for governments and central bank governors coming from the 19 countries and European Union (EU). The grouping was founded in the year 1999. It was established with the aim of discussing the policy regarding the promotion of the international financial stability. The grouping has also extended its agenda since 2008 from heads of government or state to the foreign ministers, finance ministers and think tanks.

By kameshwar shukla

Reference: https://www.g20.org/en/first-meeting-g20-finance-ministers-and-central-bank-governors.html#:~:text=First%20meeting%20of%20the%20G20%20Finance%20Ministers%20and%20Central%20Bank%20Governors,-February%2026th%2C%202021&text=The%20G20%20Finance%20Ministers%20a