G20 under India can make significant progress in debt relief, cryptocurrency, climate finance: Gita Gopinath
By Team Newsable | First Published Dec 15, 2022, 10:53 AM ISTThere are many low-income countries that are in debt distress. While the G-20 common framework is available to aid with debt resolution, Gita Gopinath believes that the mechanism's strength and timeliness must be improved.
Under India's presidency, G-20 can make concrete progress on three critical areas, debt relief, regulations of cryptocurrency, and climate finance, according to the International Monetary Fund's First Deputy Managing Director Gita Gopinath.
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Gopinath, presently in India to participate in deliberations held as part of G-20, posted a video on Twitter explaining the three areas.
Here are three critical areas in which India’s Presidency can make concrete progress…. pic.twitter.com/tLFkc31Qqz
— Gita Gopinath (@GitaGopinath)
There are many low-income countries that are in debt distress. While the G-20 common framework is available to aid with debt resolution, she believes that the mechanism's strength and timeliness must be improved.
About the recent crypto meltdown, she said that internationally agreed-upon regulatory standards had become necessary.
She added that progress on that front and achieving that goal in 2023 would be a concrete outcome.
On climate finance, Gopinath said that developing countries would require much higher financing to adapt to climate change and contribute to climate mitigation. This is a third area where tangible progress can be made.
(With inputs from PTI)
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