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G20 under India can make progress in debt relief, crypto: Gita Gopinath


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 First Deputy Managing Director said.

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

“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.

Throwing light on the recent crypto meltdown, she said it was clear that internationally agreed standards of regulations had become necessary.

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

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.”

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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