At a meeting later this week, G20 finance ministers as well as governors of central banks will talk about debt problems in developing countries, virtual currencies, and global inflationary pressures, Indian officials spoke on Tuesday.
G20 Summit 2023 is being held in India
The first significant event of India’s G20 chairmanship is the gathering from February 22–25 in the Nandi Hills summer resort outside of Bangalore. The war will probably be a major topic of discussion during the gathering, which falls on the same day as the anniversary of Russia’s invasion of Ukraine on February 24. At the meeting, it is anticipated that unblocking debt restructuring for struggling economies and increasing aid to Ukraine will take center stage. Janet Yellen, the U.S. Treasury Secretary is also anticipated to squeeze China to “quickly deliver” on debt restructuring for low – and – middle-income nations.
During the previous year, Pakistan, Bangladesh, and Sri Lanka, three geographically proximity South Asian nations, have requested bailouts from the International Monetary Fund (IMF) because of a global recession brought on by the COVID-19 disease outbreak and the conflict in Ukraine. At the same time that India is taking the helm of the bloc, these nations have also experienced political unrest.
According to a story from Reuters last week, India is putting up a plan for the G20 to aid indebted nations by requesting that lenders, particularly China, the greatest sovereign creditor in the world, accept a significant loan haircut.
Obtaining sufficient funding to battle climate change, as well as restrictions on crypto-currencies, global taxation, and multilateral development bank reforms are all on the agenda, according to the authorities.
To try and come to agreements on shared definitions, principles, and standards on how to revamp troubled nation debts, the International Monetary Fund (IMF) anticipates holding a video conference with the United States, Saudi Arabia, China, India, World Bank, and other Group of Seven (G7) countries during the event.
India also supports efforts by the US, the World Bank, and the IMF to include middle-income nations in the infamous Common Framework (CF), a G20 project that was started in 2020 to aid poor countries in delaying outstanding debts.
