Finance Minister Nirmala Sitharaman on Friday emphasised the need for bridging the infrastructure funding gap and developing innovative financing mechanisms for inclusive growth in the sector.

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Participating in a virtual session on 'sustainable financing and infrastructure' at the ongoing G20 Finance Ministers and Central Bank Governors meeting under G20 presidency of Indonesia, she supported the efforts being made for scaling up the sustainable finance instruments, with a focus on improving accessibility and affordability.

"Sharing her perspectives on #infrastructure, FM Smt. @nsitharaman highlighted the need for bridging the global infrastructure financing gap, development of #innovative financing mechanisms and mobilisation of public and private investment in inclusive infrastructure," the finance ministry said in a tweet.

Union Finance Minister Smt. @nsitharaman participated in the sessions on #SustainableFinance and Infrastructure on Day 2 of the ongoing #G20 Finance Ministers and Central Bank Governors meeting under #G20Indonesia. (1/3)@g20org pic.twitter.com/LE4bcZ0YZx

— Ministry of Finance (@FinMinIndia) February 18, 2022

Sitharaman also pointed out that low and middle-income countries do not have enough resources to deal with the pandemic and need global support. She encouraged the G20 member countries to ensure "expeditious and equitable distributions of vaccines" as one of the simple ways to bridge the gaps in global pandemic preparedness.

"Members, including the IMF, should come together to address the gaps in global pandemic preparedness," Sitharaman said.

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Meanwhile, US Treasury Secretary Janet Yellen proposed a new separate global health fund, directly controlled by donors, as a global investment for pandemic prevention and preparedness. Under her proposal, the fund will be used for delivering emergency funds, vaccines, and other medical needs.

Yellen said the fund would also help the developing and low-income countries improve the surveillance systems to prepare for future crises and help strengthen the countries' healthcare workforces.

Responding to the proposal, World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus emphasized that "any efforts to enhance the governance, systems and financing of global health security can only succeed if they also enhance the WHO's role".

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He said that the WHO, with its unique mandate, technical expertise and global legitimacy, should be made stronger and sustainably financed because the organisation played a central role in strengthening the global health architecture.

The Union Cabinet, chaired by Prime Minister Narendra Modi, on February 15, approved the setting up of a G20 Secretariat and its reporting structures. It also approved staffing for the secretariat.

India will hold the Presidency of the G20 from December 1, 2022, to 30 November 2023, culminating with the G20 Summit in India in 2023.

(With inputs from agencies)

(Edited by : Priyanka Deshpande)

First Published:Feb 18, 2022 3:13 PM IST