© Reuters.
By Sarita Chaganti Singh and Shivangi Acharya
BENGALURU, India (Reuters) – G20 finance ministers and central bank governors will discuss debt problems in developing economies, cryptocurrencies and global inflationary pressures at a summit this week, Indian government officials said on Tuesday.
The meeting, scheduled for February 22-25 at the Nandi Hills Summer Retreat near Bengaluru, India, will be the first major event of the Indian G20 presidency. It will also mark the one-year anniversary of Russia’s invasion of Ukraine, so war will likely be high on the agenda.
Unlocking debt restructuring for troubled economies and increasing aid for Ukraine are likely to be high on the agenda at the summit. In addition, US Treasury Secretary Janet Yellen is also expected to press China to “quickly deliver” debt relief for low- and middle-income countries.
India’s presidency of the G20 comes at a time when its South Asian neighbors Sri Lanka, Bangladesh and Pakistan are seeking a bailout from the International Monetary Fund (IMF) due to the economic slowdown caused by the Covid-19 pandemic and by the Ukrainian War.
Reuters reported last week that India is drafting a proposal for G20 countries to help debtor nations, asking creditors, including China, the world’s biggest sovereign creditor, to cut borrowing.
(Reportagem by Sarita Chaganti Singh, Shivangi Acharya and Aftab Ahmed)