New Delhi: Finance Minister Nirmala Sitharaman on Friday said that India’s G20 presidency is focussed on strengthening multilateral development banks and management of global debt vulnerabilities, demonstrating India’s commitment to voicing the concerns of the Global South.
Delivering the keynote address at a G20 finance track seminar, she said that India stands committed towards facilitating a secure and dynamic financial environment that benefits all countries and fosters inclusive growth.
“We are striving to lay the foundation for a robust regulatory landscape that encourages innovation, while ensuring macro-economic and financial stability,” she noted further.
The finance track has seen the delivery of a sizeable number of outcomes, most of which will contribute towards addressing the present and emerging global economic challenges, Sitharaman said.
“India has piloted a huge amount of work in various tracks in more than eight months since India assumed G-20 Presidency,” she added.
“So far we have ensured that geo-political differences do not supersede the core G20 mandate of international co-operation,” she further said.
In her address, the Finance Minister also said, unlocking the full potential of digital progress for all is essential for a fair and inclusive future in this era of technological transformation.
She said, despite notable advancements, disparities in access, usage and quality of financial services persists among vulnerable populations and micro, small and medium enterprises.
The Finance Minister further said: G-20 policy recommendations for advancing financial inclusions and productivity gains through digital public infrastructure(DPI) meticulously developed under India’s leadership, have garnered unanimous acceptance across G-20 members.
“These can guide both G-20 and non-G-20 countries in harnessing DPI for inclusive and robust growth. We are striving to lay the foundation for a robust regulatory landscape that encourages innovative, while ensuring macro-economic and financial stability,” she added.
She further said: “We have made significant efforts in providing momentum for debt treatment for some countries.”
Sitharaman urged the international community to collaborate and find stronger ways to coordinate debt restructuring for low income, vulnerable and middle income countries facing debt distress.
Sitharaman further said that G20 also stresses on the criticality of debt vulnerability in low and middle income countries through an effective, comprehensive and systematic approach. By restructuring existing debts and enhancing access to affordable finance, the international community can contribute to releasing financial resources in debtor countries to shield vulnerable populations from economic hardships, she concluded.
