G20 Under India Can Make Progress In Debt Relief, Climate Fund: Gopinath

International Monetary Fund’s First Deputy Managing Director Gita Gopinath has said under India’s presidency, G20 can make progress in three areas, namely debt relief, cryptocurrency regulations and climate finance.

The IMF official took part in the deliberations at the First G20 Finance and Central Bank Deputies Meet in Bengaluru had tweeted a video clip on a social media website, explaining these areas.

Gopinath on Thursday said, “The first is in the area in debt. We have a large number of low-income countries that are in dire distress. While we have the G20 framework to help with their resolutions, we absolutely need to improve on the strength of their mechanism and get a much more timely resolution. That would be clear progress,” she said.

On cryptocurrency regulations, Gopinath said: “The second is in the area of crypto regulation. After the meltdown that we have seen recently, it is clear that we need internationally-agreed standards on regulations. Progress on that front, being able to accomplish that in 2023 would be a concrete outcome.”

On the subject of climate finance, Gopinath said, “For developing countries to adapt to climate change, to contribute climate mitigation, they will need a much higher financing and that’s the third area where concrete progress could be made.”

The first G20 Finance and Central Bank Deputies Meet saw over 160 foreign delegates including deputies from G20 member countries, invitee countries and international organisations.

This meeting marked the beginning of the G20 Finance Track under the Indian Presidency. Over the course of two days, seven discussion sessions and two side events were organized. The delegates were also given a glimpse of the traditional as well as the contemporary culture of Karnataka through a vivid display of different art forms, the statement said. (ANI)

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