Emerging market countries are concerned about the impact on fuel prices due to the recent crisis in the Middle East, says FM Sitharaman

‘Fuel concerns, food security, and fragmentation of supply chains might become concerns going ahead’

Finance Minister Nirmala Sitharaman poses for a picture with European Central Bank President Christine Lagarde and Reserve Bank of India (RBI) Governor Shaktikanta Das prior to the commencement of the 2nd session of the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, in Marrakech on Friday

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.

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(R-L) RBI Governor Shaktikanta Das, Union Finance Minister Nirmala Sitharaman and economist NK Singh at the fourth and final G20 Finance Ministers and Central Bank Governors meeting under G20 India Presidency in Marrakech, Morocco

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