Page 46 - G20

Debt recast system: UN chief Antonio Guterres pins hope on G20 under India

UN Secretary General Antonio Guterres has said he "very strongly" hopes that India's G20 presidency will allow for the creation of effective systems of debt restructuring, warning that the developing countries are facing a "perfect storm" amid the impact of the pandemic and increased food and fuel prices due to the Ukraine conflict. India will assume the Presidency of the G20 for one year from December 1, 2022 to November 30, 2023. Ahead of his three-day visit to India starting Tuesday, Guterres also said that he has been "very strongly advocating" for the need of reforms in "our international economic and financial system that was to a large extent built by the rich for the rich". "I very strongly hope that the presidency of India of the G20 will allow for the creation of effective systems of debt restructuring and debt relief for the possibility of multilateral development banks to be able to do concessional funding to middle income countries that are particularly vulnerableto mak

We want to build a consensus around many issues: G20 Sherpa Amitabh Kant

'We will try and build India's narrative around digital transformation', said Kant

India's G20 presidency: What this means for the country's place in world

India will assume the presidency of the G20 on December 1

India aims to develop tech-driven crypto regulatory framework: Sitharaman

India is aiming at developing standard operating procedures for cryptocurrency during its G20 presidency next year, Finance Minister Nirmala Sitharaman has said, underlining that all countries want the technology to survive but not be misutilised. That (crypto) will also be part of India's thing (agenda during G-20 presidency), Sitharaman told a group of Indian reporters on Saturday before concluding her trip to Washington DC to attend the annual meetings of the International Monetary Fund and the World Bank. India will assume the Presidency of the G20 for one year from December 1, 2022 to November 30, 2023. Under its Presidency, India is expected to host over 200 G20 meetings across the country, beginning December 2022. Sitharaman has been making a strong case for global regulation of cryptocurrencies to tackle the risks on money laundering and terror funding. Noting that institutions, which are associated with the G-20 or the World Bank or any such organisation, are doing their o

Sitharaman discusses global economic situation with EU economy commissioner

India's Finance Minister Nirmala Sitharaman met European Union's Commissioner of Economy Paolo Gentiloni here and the two leaders discussed the current global economic situation, the Union Ministry of Finance said. Sitharaman is here to attend the annual meetings of the International Monetary Fund and the World Bank. On the sidelines of these, she has been holding a number of bilateral and multilateral meetings. During their meeting on Friday, Sitharaman and Gentiloni discussed issues related to the global economy and furthering India-EU collaboration during India's Presidency of the G-20 in 2023, the ministry said. They also discussed the need to further strengthen Multilateral Development Banks to enable them to help countries in need, it said. So far, Sitharaman has held nearly a dozen bilateral meetings with her counterparts from major countries and those from the neighbourhood. She met German Finance Minister Christian Lindner on Thursday. The two ministers discussed several

India briefs G20 FMs, central bank governors on its 2023 presidency agenda

India on Thursday briefed the finance ministers and central bank governors of G-20 countries about its agenda for the next year when it assumes the rotating annual presidency of the grouping. India will take over the G20 Presidency in 2023, including the finance track. The ministers and governors have been briefed about the proposed main priority agendas from the 2023 India Presidency, Indonesian Finance Minister Sri Mulyani Indrawati told reporters during a press conference held here on the sidelines of the annual meetings of the International Monetary Fund and the World Bank. Indonesia currently holds the presidency of G-20 countries. On Thursday Indrawati chaired meetings of finance ministers and central bank governors of G-20 countries, which among others was attended by Union Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das. It is during this meeting and the breakfast meeting hosted by Sitharaman earlier in the day for the finance minister

India will have a difficult task as G-20 chair, says IMF chief economist

India, which will hold the G-20 presidency next year, will have a difficult task as the group's chair to bring countries together on some of the key challenges being faced by the world, Pierre-Olivier Gourinchas, the chief economist of the IMF, said on Wednesday. One of the challenges for the G-20 right now, as we've seen, is of course how to deal with geo-economic fragmentation. And geo-economy fragmentation is just reflecting the fact that we've seen enormous tensions following the Russian invasion of Ukraine, Gourinchas told PTI in an interview. To some extent to the G-20, it's much harder to have these kinds of conversations around the common goods in the current environment because there is all this tension related to geopolitical considerations. And so, India will have a difficult task, but also, I would think one of the important objectives will be to keep the countries at the table, to keep the discussion going, keep progress being made on important issues, he said in respons

Finance Minister Sitharaman to host breakfast for G20 counterparts

Union Finance Minister Nirmala Sitharaman will here on Thursday host a breakfast for her counterparts from G-20 countries on the sidelines of the annual meeting of the International Monetary Fund and the World Bank. Founded in 1999, G-20 is a grouping of 19 major world economies along with the European Union. India will assume the annual presidency of G-20 countries in December this year. Indonesia is currently heading the G-20 presidency. US Treasury Secretary Janet Yellen along with finance ministers of other G-20 countries have confirmed to attend the breakfast meeting being hosted by Sitharaman at the headquarters of the International Monetary Fund here. Sitharaman with this meeting intends to set the pace and scope for India's presidency for the next year and also establish a personal relationship with all of her counterparts from the G-20 countries. At a time when the world is facing recession and there is large-scale inflation, the role that G-20 has in steering the global

'Hurricane' of risks threatens emerging countries, says G20 chair

Emerging and developing nations face a "hurricane" of risks from rising energy costs and food insecurity, and any resilience some countries may have won't last long, the G20 chair said

G20 has great potential to work towards global good: Finance Minister

Ahead of India taking over the annual presidency of G-20 coming December, Union Finance Minister Nirmala Sitharaman on Tuesday said the grouping of the top 20 economies of the world has great potential to work towards the global public good. G-20 has a great potential to work towards global goods. When I say public goods, will also have to be made far more strengthened. India stack, for instance, can become a global stack. Efficient cross-border payments and cheaper remittances are all the benefits which we can derive out of it, Sitharaman told a think-tank here. Responding to a question during a fireside chat with eminent Indian American economist Eshwar Prasad at the prestigious Brookings Institute, Sitharaman said these are some of the areas in which she would want the G-20 to work together. We love to work together with them and get some good outcomes, she said. Observing that India is taking the G-20 presidency from Indonesia at challenging times, Sitharaman said India has been

It's time to strengthen ties with India, says Indonesian business leader

A top Indonesian business and industry expert said a forum like G20 is becoming more and more important during these challenging times to address economic issues faced by developing countries

OECD releases global framework for exchange of info on cryptocurrencies

The exchange of information on cryptocurrency between countries will become automatic under the new framework propsed by OECD

Inclusive digitisation: G20 nations need to adopt inter-operable platforms

G-20 member nations must discuss all these issues irrespective of the conflict and arrive at certain principles to take the world forward

Indonesia urges G20 parliaments to strengthen ties for economic recovery

Indonesian President Joko Widodo has asked the parliaments of the Group of Twenty countries to strengthen cooperation to overcome the global crisis and promote world economic recovery

FM to attend World Bank-IMF annual meeting, drive investor outreach

May hold bilateral meetings with counterparts of other nations. There could also be a G-20 meeting on the sidelines, with focus on India's upcoming presidency of the multi-nation grouping

Best of BS Opinion: Beyond a phrase, India's national priorities, and more

Here is the best of Business Standard's opinion pieces for today

How the G20 Summit can be leveraged to showcase India's tourism sector

Thrust on developing the tourism industry will help India achieve the $5 trillion economy target faster

India to address debt, food, energy security with G20 members: S Jaishankar

As India assumes the Presidency of the G20, External Affairs Minister S Jaishankar on Saturday said New Delhi will work with the group's other members to address serious issues of debt, food and energy security, even as he noted the concerns about stability and security in the Indo-Pacific region. As we begin the G-20 presidency this December, we are sensitive to the challenges faced by developing countries, Jaishankar said in his address to the high-level UN General Assembly session here. He told the 193-member UN General Assembly that India will work with other G-20 members to address serious issues of debt, economic growth, food and energy security and particularly, environment. "The reform of governance of multilateral financial institutions will continue to be one of our core priorities," he said. He also noted that the Indo-Pacific region too witnesses fresh concerns about its stability and security. His remarks came amidst China's aggressive actions in the strategically ...

Jaishankar discusses Ukraine, G20 and UN reforms with Russia's Lavrov

External Affairs Minister S Jaishankar has said that he had a wide-ranging conversation with his Russian counterpart Sergey Lavrov during which they discussed a number of issues, including bilateral cooperation, the Ukraine conflict, G20 and UN reforms as he described Russia a "major partner in many domains." Jaishankar made the remarks during his interaction with a group of Indian reporters after his meeting with Lavrov on the margins of the UN General Assembly session, just hours before his address to the UN General Debate on Saturday. "We discussed a number of issues. Some part of my meeting was focused on our bilateral cooperation because Russia is a major partner in many domains," Jaishankar said while responding to a question by PTI on his meeting with Lavrov. "A wide-ranging conversation with FM Sergey Lavrov at #UNGA 77. Discussed our bilateral cooperation. Exchanged views on Ukraine, G-20 and UN reforms," Jaishankar had tweeted after his meeting with Lavrov. To another ...

Discussed Ukraine, G20, UN reforms with Russia's Lavrov, says Jaishankar

External Affairs Minister S Jaishankar said that he and his Russian counterpart Sergey Lavrov discussed various issues including Ukraine, G20 and UN reforms