G20 under India can make significant progress in debt relief, cryptocurrency, climate finance: Gita Gopinath

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.

Gopinath, presently in India to participate in deliberations held as part of G-20, posted a video on Twitter explaining the three areas. 

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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• G-20 India
• Gita Gopinath
• IMF