Monday, July 15, 2024

Middle East crisis, fragmented supply chains remain major concerns for emerging markets: Finance Minister

The recent Middle Eastern crisis, fuel prices, and fragmentation of global supply chains remain major concerns for emerging markets, Finance Minister Nirmala Sitharaman said on Friday.

Addressing a press conference in Morocco’s Marrakesh, Sitharaman, giving details of deliberations during the second session of the second day of the G20 Finance Ministers and Central Bank Governors (G20 FMCBG meeting, said that discussions on global economy and crypto assets were held in the meeting.

The meeting adopted the G20 roadmap on Crypto assets, its implementation going forward and provided their guidance regarding the swift and coordinated implementation of the roadmap to achieve a comprehensive policy response for Crypto assets.

The ministers and governors also exchanged views on the global economic outlook and the possible policy approaches that could be adopted, individually and collectively to address the challenges.

Brazil’s Economy Minister Fernando Haddad provided an overview of the key priorities of the G20 Brazilian presidency in 2024.

Under the G20 FinanceTrack, he said that the Brazilian presidency will have key focus on addressing global risks, deepening reforms of international financial institutions, international taxation, and other issues.

Haddad shared that Brazil’s G20 presidency’s theme will be “Building a fair world and a sustainable planet”.

Sitharaman concluded the G20 FMCBG with commitment of India’s support to the Brazilian presidency in achieving a strong today and a stronger tomorrow for the world and all our people.

Earlier at the outset, Sitharaman expressed gratitude to the government of Morocco and the Moroccan people for their extraordinary hospitality extended to G20 countries under very difficult circumstances and expressed solidarity with Morocco for quick recovery. She also thanked Indonesian Finance Minister and Central Bank Governor for providing continued guidance and enabling India to steer work of the Finance Track.

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