Sitharaman: Need coordinated global efforts on food, energy insecurity, climate change

Stating that global economic growth is below long-term average, Indian Finance Minister Nirmala Sitharaman on Monday (July 17) called for coordinated international efforts to navigate the challenges relating to food, energy insecurity and climate change.

In her opening remarks at a two-day meeting of G20 Finance Ministers and Central Bank Governors in Gandhinagar in Gujarat, Sitharaman said the global economic growth was below its long-term average and also remains uneven.

“We need … coordinated international efforts to navigate this challenging period,” she said.

“In this context, the G20 framework Working Group explored the issue of tackling macroeconomic challenges related to food and energy insecurity, and those related to climate change and transition pathways. The policy lessons that have emerged from these issues clearly underpin the need for enhanced international economic cooperation,” she said.

‘Global economy needs to be steered towards inclusive group’

Quoting Mahatma Gandhi, Sitharaman said finance ministers and central bank governors of the G20 countries had a responsibility “to steer the global economy towards a strong, sustainable, balanced and inclusive group”.

Based on the mandate provided in the February meeting of the finance ministers and central bank governors, she said the various work streams of the G20 Finance track have now come out with their deliverables.

These include a framework on economic risks and vulnerabilities, a report on best practices on financial health and institutional arrangements, and a report on mapping pandemic response financing options and gaps, she said.

(With inputs from agencies)