International
G20 finance chiefs meet in India to tackle global challenges like climate change and rising debt
NEW DELHI (AP) Finance ministers from the Group of 20 countries meeting in India on Monday are poised to address critical global economic challenges, including threats posed by climate change and rising debt among low-income countries.
India’s finance minister, who is hosting the global grouping, said the G20 will focus on strengthening the global economy as growth remains uneven and below average.
What we need is coordinated international efforts to navigate this challenging period, Nirmala Sitharaman said in her opening remarks ahead of the meetings to be held in Gandhinagar, a city in the western Indian state of Gujarat.
Earlier on Monday, Sitharaman and US Treasury Secretary Janet Yellen said the two countries were working together to advance the group’s agenda. They spoke after talks on the sidelines of G20 meetings, a sign of the importance of their countries’ relationship at a time of tension with China.
The world is looking to the G20 to make progress on key challenges such as climate change and pandemics as part of our work to strengthen the global economy and support developing countries, Yellen said.
Sitharaman said a priority for the G20 and host India is to strengthen global development banks and reach a consensus on the difficult issues related to the rising debt of low- and middle-income countries. Yellen added that it was vital to press for more ambition and specific reforms related to global development banks.
Both leaders emphasized the need to address the debt issues facing low- and middle-income countries and to improve the multilateral debt restructuring process.
Sri Lanka and Ghana defaulted on their international debts in 2022, roughly two years after Zambia defaulted. And more than half of all low-income countries face debt distress, which undermines their long-term ability to function and develop.
Meetings of finance ministers and central bank governors will conclude on Tuesday.
A meeting of G20 finance chiefs in India’s technology hub Bengaluru in February ended without a consensus, with Russia and China objecting to the description of the war in Ukraine in a final document.
Yellen is back in India for the third time in nine months, this time right after a trip to Beijing. She reiterated Monday the deepening ties between the two countries and said the United States and India are among the closest partners in the world.
In a statement, she said the US looks forward to working with India on an investment platform to deliver a lower cost of capital and increase private investment to accelerate India’s energy transition.
India’s longstanding relationship with Russia has also come to the fore as the Kremlin’s occupation of Ukraine continues despite efforts by the US and allied countries to sanction and economically hit the Russian economy. India has not taken part in efforts to punish Russia and maintains energy trade with the country despite a Group of Seven-approved price cap on Russian oil that has seen some success in slowing the Russian economy.
Despite this, the US has increased ties with India and attracted its leaders. President Joe Biden hosted a state visit to the White House to honor Indian Prime Minister Narendra Modi in June, designed to highlight and promote their partnership. The two leaders declared US-India relations stronger than ever and struck new business deals between the nations.
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