G20 under India's presidency can make concrete progress in debt relief, crypto, climate finance: Gita Gopinath

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Washington: G-20, under India’s presidency, can make concrete progress on three critical areas: debt relief, regulations of crypto currency and climate finance, International Monetary Fund’s (IMF) First Deputy Managing Director Gita Gopinath said.

In a video posted on Twitter, Gopinath, who is in India to participate in deliberations held as part of G-20, explained the three areas.

Debt relief

“We have a large number of low-income countries that are in debt distress. While we have the G-20 common framework to help with debt resolution, we absolutely need to improve the strength of the mechanism and to get much more timely resolution,” she said.

Regulation of crypto currency

In her video message, Gopinath also highlighted the recent crypto meltdown and said that it was clear India needs internationally agreed standards on regulations.

“Progress on that front being able to accomplish that in 2023 would be a concrete outcome,” she added.

Climate finance

Talking on climate finance, Gopinath said: "To have developing countries adapt to climate change, to contribute to climate mitigation, they will need much higher financing. And that's a third area where concrete progress can be made."

India has assumed the G20 President from 1 December this year from Indonesia. For the first time, the country in 2023, the country will convene G20 Leaders' Summit.

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FP Staff

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