India's G20 Summit: What Global Governance Dilemma Means for Modi's Leadership
1 year, 9 months ago

India's G20 Summit: What Global Governance Dilemma Means for Modi's Leadership

The Quint  

If the G20 finance ministers can break the deadlock, it could unlock restructurings in Sri Lanka and Zambia—those worst-affected by sovereign debt defaults, helping them with immediate aid while also renewing hope for other nations seeking desperate debt relief measures. A larger concern that stems from the gridlock seen in the way G20 functions is evident from the fact how countries like Zambia, Sri Lanka, appear just as “pawns” in the global cold war seen between the West with China and much of the developing world. At the center of the current standoff on ensuring debt relief by the G20 are Chinese demands that loans made by the World Bank and other multilateral lenders be included in any “restructuring”. That’s being driven by a dominant Chinese or anti-West view of seeing those institutions as proxies for US power.

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