The G20 finance ministers and central bank governors have a lot of interesting topics on their agenda to discuss this week, when they meet in India’s Nandi Hills, Bengaluru on Feb 22-25. They’ll be discussing some of the debt troubles that affect developing economies, the rise of the world’s first digital cryptocurrency and the effects of global inflation.
Also, February 24th marks the anniversary of Russia’s invasion of Ukraine. So, that’s also sure to be on the G20 meeting agenda!
The Main Agenda Of This G20 Meeting
This G20 meeting is anticipated to pay attention to the topic of liberating debt restructuring for struggling economies and increasing assistance for Ukraine, with US Treasury Secretary Janet Yellen pushing for China to “promptly supply” debt alleviation. India taking control of the Presidency of the G20 comes during a moment when surrounding South Asian nations like Sri Lanka, Bangladesh, and also Pakistan have actually sought IMF help because of the pandemic and economic decline due to the Ukranian war.
India is reportedly proposing to the G20 nations a plan to help debtor nations by requesting creditors, which includes China as the top sovereign lender, to accept a substantial reduction in loans. The nation is additionally looking at regulating crypto-currencies, modernizing multilateral development banks, and international taxation regulations, and securing the necessary funds for combating climate change, according to some officials..
Apart from that, the IMF will probably set up a visual meeting along with the World Bank and all the other G7 nations to discuss some findings and reach an understanding of mutual standards, values, and definitions of dealing with countries bearing distressed debt. India also looks to extend further assistance in the form of the Common Framework (CF) – a G20 initiative initiated in 2020 to support poorer nations’ postponements of debt payments – to include middle-income nations.