Main topics of discussion at G20 summit
2023.02.20 10:53
Main topics of discussion at G20 summit
By Kristina Sobol
Budrigannews.com – German Finance Minister Christian Lindner stated on Monday that the main topics of discussion at the Group of 20 (G20) meetings this week in India will be the outlook for the global economy and the situation of highly indebted nations.
In an interview, Lindner stated to Reuters that “China in particular plays an important role here.” China has been repeatedly compelled to make concessions because it is by far the largest creditor to numerous highly indebted nations in Asia and Africa.
From February 22 to February 25, G20 finance ministers and chiefs of central banks will meet to discuss the pandemic and the war in Ukraine’s Ukraine about developing countries’ growing debt problems.
According to Lindner, highly indebted developing nations require continued access to international financial markets in order to continue importing food and energy.
India has drafted a proposal for the G20 to assist debtor nations by requesting that major lenders, including China, reduce loan amounts significantly.
India is in favor of the International Monetary Fund (IMF), the World Bank, and the United States’ efforts to include middle-income countries in the so-called Common Framework (CF), a G20 initiative launched in 2020 to assist poor countries in delaying debt repayment.
Before the framework is applied to middle-income nations, Lindner argued, it should be tested in less developed nations. He stated, “The second step must be taken before we can take the third step.”
However, Lindner added that he sees a lot of potential in the CF, and as a result, all stakeholders must now come to the table to jointly select an instrument.
Without specifically mentioning China, he stated, “no country can avoid responsibility.”
Lindner praised the Western nations’ unity in supporting Ukraine financially and militarily, just days before the one-year anniversary of Russia’s full-scale invasion. The Kremlin in particular has been taken aback by this unity. And we must preserve that clarity,” he stated.
