Finance Minister Nirmala Sitharaman on Friday flagged concerns arising out of Israel-Palestine war and its economic impact, especially on fuel prices.

“The recent crisis in the Middle East, and concerns about fuel are worries which many countries do hold, and they have expressed as well. Fuel concerns, food security, and fragmentation of supply chains might become concerns going ahead,” Sitharaman said.

The FM was addressing a press conference on outcomes of fourth and final meeting of the G20 Finance Ministers and Central Bank Governors (FMCBGs) under the Indian Presidency at Marrakech (Morocco), on the sidelines of the International Monetary Fund-World Bank Annual Meetings. The meeting unanimously adopted the G20 Finance Ministers and Central Bank Governors Communiqué. 

Talking about apprehensions related Middle East Economic Corridor in the wake of the war, she said that it is long-term matter despite short-term glitches. “We will continue holding discussions with stakeholders,” she said.

In an special  event on the sidelines of the recently concluded G20 summit in New Delhi, a memorandum of understanding (MoU) was signed to establish the ‘India-Middle East- Europe Economic Corridor’ (IMEC). Other than the two co-chairs of the event, Indian Prime Minister Narendra Modi and U.S. President Joe Biden, the signatories included leaders of Saudi Arabia, the United Arab Emirates (UAE), the European Union (EU), Italy, France and Germany.

Crypto Regulation, MDB

Meanwhile, the FMCBG adopted a roadmap suggested in the synthesis paper on crypto as a roadmap as the G20 Roadmap on Crypto Assets. “This detailed and action-oriented Roadmap is essential to achieve our common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets,” she said.