Post by account_disabled on Mar 6, 2024 1:30:15 GMT -5
India said on Tuesday that G20 finance chiefs and central bankers had made progress on the group's ambitious agenda to reform the global financial architecture, despite differences over the war in Ukraine that emerged during the talks. “The Indian presidency received broad support on all agenda items,” Nirmala Sitharaman, the finance minister, said after the meetings in Gandhinagar concluded. Ajay Seth, another finance ministry official, also said India was “walking the talk” after top policymakers from the big-economy club met to discuss plans to reform multilateral lenders, forge a deal on international taxes and share the burden of restructuring. debt of poor countries. India holds the rotating presidency of the G-20 and is due to host a summit of its leaders in New Delhi in September at a time when the war in Ukraine has divided a group that includes Russia and China, along with the United States and major economies.
European. Sitharaman confirmed that Russia's withdrawal on Monday from the Black Sea grain deal that ensured food shipments from Ukraine, one of the world's top agricultural producers, and the subsequent attack on Job Function Email Database Ukrainian ports, had emerged during talks on Tuesday. . “Several members condemned it, saying this should not have happened,” he said. “Food passing through the Black Sea should not have been stopped or suspended.” The agreement had helped reduce global food inflation in recent months and allayed concerns that hunger would become widespread. However, Sitharaman said there were signs of progress in agreements to provide more debt relief to some of the world's most economically vulnerable countries, such as Sri Lanka, Zambia and Ghana. China, a major bilateral creditor, has been blamed by Western nations, including the US, for delaying deals to restructure vulnerable countries' debts.
Beijing, which is the largest bilateral lender to several developing countries, had been reluctant to provide debt relief until a few weeks ago, when it agreed to provide some support to Zambia. Sitharaman said she was now “very hopeful” that Beijing could fully participate in further debt restructurings. “We were able to push this debt distress agenda, particularly among countries in the Global South,” Sitharaman said. “A quick resolution, an effective resolution, must occur.” India has hosted G-20 ministerial meetings across the country in the run-up to the leaders' summit on September 9-10. It has faced, however, difficulties in trying to achieve consensus among the bloc's members at a time of war, financial difficulties in some indebted countries and a slowdown in most leading economies. India has remained neutral in the war.
European. Sitharaman confirmed that Russia's withdrawal on Monday from the Black Sea grain deal that ensured food shipments from Ukraine, one of the world's top agricultural producers, and the subsequent attack on Job Function Email Database Ukrainian ports, had emerged during talks on Tuesday. . “Several members condemned it, saying this should not have happened,” he said. “Food passing through the Black Sea should not have been stopped or suspended.” The agreement had helped reduce global food inflation in recent months and allayed concerns that hunger would become widespread. However, Sitharaman said there were signs of progress in agreements to provide more debt relief to some of the world's most economically vulnerable countries, such as Sri Lanka, Zambia and Ghana. China, a major bilateral creditor, has been blamed by Western nations, including the US, for delaying deals to restructure vulnerable countries' debts.
Beijing, which is the largest bilateral lender to several developing countries, had been reluctant to provide debt relief until a few weeks ago, when it agreed to provide some support to Zambia. Sitharaman said she was now “very hopeful” that Beijing could fully participate in further debt restructurings. “We were able to push this debt distress agenda, particularly among countries in the Global South,” Sitharaman said. “A quick resolution, an effective resolution, must occur.” India has hosted G-20 ministerial meetings across the country in the run-up to the leaders' summit on September 9-10. It has faced, however, difficulties in trying to achieve consensus among the bloc's members at a time of war, financial difficulties in some indebted countries and a slowdown in most leading economies. India has remained neutral in the war.