Washington: G-20, under India’s presidency, can make concrete progress on three critical areas: debt relief, regulations of crypto currency and climate finance, International Monetary Fund’s First Deputy Managing Director Gita Gopinath said.
Gopinath, who is in India to participate in deliberations held as part of G-20, explained the three areas in a video posted on Twitter.
“We have a large number of low-income countries that are in debt distress. While we have the G-20 common framework to help with debt resolution, we absolutely need to improve the strength of the mechanism and to get much more timely resolution,” she said.
Throwing light on the recent crypto meltdown, she said it was clear that internationally agreed standards of regulations had become necessary.
“Progress on that front being able to accomplish that in 2023 would be a concrete outcome,” she said.
On climate finance, Gopinath said, “To have developing countries adapt to climate change, to contribute to climate mitigation, they will need much higher financing. And that's a third area where concrete progress can be made.”
India formally assumed the G20 Presidency on December 1.
Prime Minister Modi said said India will work to further promote oneness, inspired by the theme of "One Earth, One Family, One Future" and listed terror, climate change, pandemic as the greatest challenges that can be best fought together.
India's G20 priorities will be shaped in consultation with not just our G20 partners, but also our fellow-travellers in the global South, whose voice often goes unheard, Modi said in an article which appeared in several newspapers and was posted on his website as well.
The G20 or Group of 20 is an intergovernmental forum of the world's major developed and developing economies.
It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).
Together, they account for over 80 per cent of the global Gross Domestic Product, 75 per cent of international trade and two-thirds of the world population.
On Monday, Leaders of the Group of Seven (G7) countries highlighted on progress of their cooperation under Germany’s Presidency to jointly address global challenges at a time of severe geopolitical crisis and critical moment for the world economy. The group was joined by Ukraine’s President Volodymyr Zelenskyy.
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