G20 finance chiefs differ on debt, Russia-Ukraine war
FirstpostBengaluru: Finance leaders of the world’s biggest economies were entangled in differences on Saturday over the war in Ukraine and on resolving the debt burden of distressed developing nations, participants said. On the sidelines, the International Monetary Fund held a meeting on Saturday with the World Bank, China, India, Saudi Arabia and the G7 on restructuring debt for distressed economies, but there were disagreements among members, said IMF Managing Director Kristalina Georgieva. In a video address to the G20 meeting on Friday, Chinese Finance Minister Liu Kun reiterated Beijing’s position that the World Bank and other multilateral development banks participate in debt relief by taking haircuts alongside bilateral creditors. Sri Lanka owed Chinese lenders $7.4 billion - or nearly a fifth of public external debt - by the end of 2022, calculations by the China Africa Research Initiative think tank show.