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Union Finance Minister Nirmala Sitharaman said that the global economy today faces a confluence of challenges and it is everybody's collective responsibility to prevent the risks from aggravating.

While addressing the closing session of the G20 Finance Ministers and Central Banks Governors (G20FMCBG) meeting in Washington D.C., on Thursday, she said that India views the hosting of the G20 Presidency as an opportunity as well as a responsibility.

"Rebuilding trust in multilateralism is at the core of India's thinking," Sitharaman said.

She noted that "India's efforts will be to encourage conversations that recognise our inter-dependencies, our shared wisdom and our collective aspiration for a safe, peaceful and prosperous world".

The Union Minister said that "G20 Finance Ministers have always come together in the harshest global situations, set aside their differences and worked towards a common goal of prosperity for our people".

She urged the FMCBGs to continue working together with this sense of solidarity.