“FM Sitharaman Expresses Concerns Over Fuel Security Amid Middle-East Crisis”

Fuel concerns are back with the Middle-East crisis: FM Sitharaman

Finance Minister Nirmala Sitharaman on October 13 said that fuel concerns are back with the ongoing crisis in the Middle-East which was a worry expressed by many countries, despite clear signals towards growth momentum of emerging economies. “With the recent crisis in the Middle-East, concerns on fuel are back again, the worries that many countries expressed. Concerns and uncertainties are about peace as a positive factor,” Sitharaman said at the G20 Presidency briefing at Marrakech, Morocco.

The press briefing was held after the G20 Finance Ministers (FM) and Central Bank Governors (CBG) meeting.

Fuel concerns affecting food security aspects and impact on inflation, fragmentation of supply chains were the three major worries in the near future, the finance minister said.

However, at the same time there are clear indications that emerging economies will be the drivers of growth momentum globally, she said.
“If there is growth happening significantly, it is in the emerging markets. The popular belief backed by data is that emerging economies will be an engine of growth for the world. There will be clear signals towards growth momentum, which will spread as a positive contagion to all other terrains. That will be one of the impacts that most of us are recognising,” she said.

With the interest rates remaining high globally for some time now, Sitharaman said that investment flows will not be influenced only by one factor because of the high growth momentum.

“On the other hand, interest rates are high for some time because of that there can be impact on investment flows between countries. Because sustained growth momentum is seen in emerging markets, investment flows will not be influenced only by interest rates remaining high and will not be confined to those locales where it is high,” she said.

Talking about the International Monetary Fund (IMF)-Financial Stability Board (FSB) Synthesis Paper on cryptocurrencies, the Finance Minister said that under the next G20 Presidency, the crypto roadmap will be discussed.
“In the next G20 Presidency, crypto roadmap discussions will include addressing data gaps, monitoring and implementation of regulatory aspects, information sharing and how beyond G20 it will be taken. The G20 FM and CBG meeting was mandated to discuss the roadmap for crypto assets laid by the IMF-FSB paper submitted during the New Delhi Leaders’ Summit,” she said at the briefing in Morocco.

Talking about the trade relations between the two countries, Sitharaman said that investments from India are happening in Morocco in the pharmaceutical sector. On the other hand, Morocco has been the biggest supplier of phosphoric acid, phosphate-related fertiliser to India without disruptions even during the pandemic.

India imports nitrogen-free triple super phosphate (TSP) and diammonium phosphate (DAP) for its fertiliser sector.

Sources By Agencies

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