G20 is Finance Leaders to Discuss Topics such as Cryptocurrencies and Inflation

Dareen Cone
Dareen Cone Crypto Economy
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G20 finance ministers and central bank governors anticipate tackling the issue of debt in developing nations, as well as global inflationary forces and cryptocurrency, during their upcoming meeting this week. This event is India’s first G20 presidency taking place at a Nandi Hills summer retreat near Bengaluru between Feb. 22-25. Additionally, the anniversary of Russia’s invasion of Ukraine on February 24th will undoubtedly be discussed amongst attendees due to its immense significance

Debt Restructuring and Aid to Ukraine Issues on the Agenda

The upcoming meeting will likely center around relieving struggling economies from their overwhelming debt and providing additional aid for Ukraine. U.S Treasury Secretary Janet Yellen will also urge China to expedite its relief efforts towards the lower-income countries at this gathering. India currently leads the bloc, coinciding with a time when neighboring South Asian nations such as Sri Lanka, Bangladesh, and Pakistan have had no choice but to appeal for an IMF bailout due to economic hardship brought on by both COVID-19’s effects and the ongoing war in Ukraine.

India Comes to G20 with a Proposal for Creditor Countries

Last week, Reuters reported that India is pushing for a G20 initiative to allow debt-ridden nations to get relief from their lenders–including China, the world’s most prominent sovereign creditor. India’s Chief Economic Adviser V Anantha Nageswaran stated at an important news conference before the G20 meeting: “It is essential we take into account both pre-emptive and posthumous measures when approaching potentially devastating global debt concerns.” He continued by adding that this policy would work towards providing aid in times of need and taking preventive steps against financial crises.

g20 is finance leaders to discuss topics such as cryptocurrencies and inflation

The pending agenda also covers a range of topics, such as cryptocurrency regulations, reforming multilateral development banks, international taxation matters, and procuring the necessary financing to face climate change. As reported by officials associated with this initiative.

IMF to Hold a Meeting with G7 Countries

The IMF is hosting a virtual gathering with the World Bank, India, China, Saudi Arabia, America, and other G7 countries to develop shared regulations, values, and meanings on how to restructure owed nations’ debts. Additionally, India stands behind an initiative from the IMF, World Bank, and the US for Common Framework (CF) – which was launched in 2020 by G20 as financial support towards poorer states – to be broadened so that it includes middle-income realms too.

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