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New Delhi : Union Minister for Finance and Corporate Affairs Arun Jaitley on October 13, 2017, participated at the G-20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Washington DC. The discussion focused on the agenda pertaining to Global Economy and framework for Growth, Compact with Africa and International Financial Architecture. Jaitley is on a one week visit to USA mainly to participate in annual meetings of the World Bank and IMF among others.
As co-chairs of G20 Framework Working Group (FWG), India made the lead intervention during the second round of the session on ‘’Global Economy and Framework for Growth’, which discussed the IMF’s G-20 report on ‘Strong, Sustainable, and Balanced Growth(SSBG)’. Jaitley stated that the report was a useful starting point for studying present challenges facing the global economy and in formulating G-20 response towards addressing these challenges, according to a PIB release.
The Finance Minister observed that it is important to understand the global spill-overs of domestic policy actions of individual member countries especially on matters related to trade and financial regulation and suggested that the subsequent versions of the IMF SSBG Report can consider examining the possible analytical tools that can be used for examining policy spill-overs. Jaitley, however, noted that for this to be possible, a more detailed understanding of the underlying methodologies must be provided to members. In addition, clear descriptions of the policy scenario in each country, the availability of policy space, key challenges and recommended actions may also be shared, according to the PIB release. This would allow for improved identification of challenges relevant to all members as well as policies that can be undertaken in a coordinated manner.