India ’walked the talk’ under G20 presidency, says Sitharaman
1 year, 3 months ago

India ’walked the talk’ under G20 presidency, says Sitharaman

Live Mint  

New Delhi: India has 'walked the talk' to acheive its finance track objectives under its G20 presidency, finance minister Nirmala Sitharaman, said on Saturday. The key achievements of the finance track under the Indian G20 presidency include a plan to strengthen the Multilateral Development Banks to address shared challenges, laying down the building blocks for a globally coordinated policy and regulatory framework for crypto assets, gaining financial inclusion and productivity gains through digital public infrastructure, debt resolution for lower and middle-income countries, and financing cities of tomorrow, among others, the finance minister said. Under the Indian presidency, the plans to strengthen the MDBs to address shared challenges included an agreement on the need for better, bigger and more effective MDBs, agreement to collectively work towards boosting world banks financing capabilities, endorsement for the G20 roadmap for the implementation of recommendations of an independent panel on capital adequacy framework for MDBs, and implementing the recommendations of a report by G20 experts groups headed by Larry Summers and NK Singh, whose second volume is expected to be released in October. "Through these achievements, India has harnessed the opportunity provided by the G20 presidency to effectively articulate and embed the priorities of the global south in the larger conversation of MDB reforms," the finance minister said. The other achievements of the Indian presidency of G20 under the finance track included two pillar taxation solutions, mechanism to support the timely and adequate mobilisation of resources of climate finance, scaling up sustainable finance for social sectors like health and education, and having global conversations on transition policies, Sitharaman said.

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