G20 Finance Ministers gather in Gujarat to tackle global economic challenges and debt restructuring

World News
2023-07-17 | 01:48
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G20 Finance Ministers gather in Gujarat to tackle global economic challenges and debt restructuring
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G20 Finance Ministers gather in Gujarat to tackle global economic challenges and debt restructuring

Finance Ministers and Central Bank Governors from the G20 group are beginning two days of talks in Gujarat, India, aiming to support the struggling global economy. The agenda also includes discussions on debt restructuring and fairer international tax agreements.

The discussions, led by India's Finance Minister Nirmala Sitharaman, will mainly focus on the global economy's health, sustainable financing, and infrastructure.

Addressing the issue of debt burdens will be a top priority, as the world's poorest countries bear the brunt of the global debt crisis while requiring more funds than ever to combat climate change.

However, China, the world's second-largest economy and a significant financial supporter of many struggling and low-income Asian and African countries, has so far opposed adopting a multi-party stance on this matter, according to officials.

Speaking on the sidelines of the G20 talks in Gujarat on Sunday, US Treasury Secretary Janet Yellen mentioned progress on debt restructuring with Zambia, which she discussed during her earlier visit to Beijing this month.

Yellen emphasized that the deal with Zambia took "a long time to negotiate," expressing hope for a speedy resolution of the debt issues concerning Ghana and Sri Lanka as well.

World News

G20

Finance

Economy

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