NEW DELHI, July 13 (Reuters) – Global finance chiefs will meet in India next week to discuss increasing lending to developing countries from multilateral institutions, reforming the They will discuss currency regulations.
Finance ministers and central bank governors of the Group of 20 countries and regions (G20) will also discuss a multilateral agreement on the taxation of cross-border conglomerates, and Russia’s war with Ukraine will inevitably emerge. It is said that
The meeting, held July 17-18 in Gandhinagar, capital of the western state of Gujarat, will be India’s third meeting of the G20 presidency and builds on the momentum of the summit in New Delhi in September. will be determined.
The meeting is expected to be attended by U.S. Treasury Secretary Janet Yellen and most of the G20 finance officials, including newly appointed World Bank President Ajay Banga and International Monetary Fund Managing Director Kristalina Georgieva.
Two Indian officials, who did not wish to be named, said senior finance ministry officials from Russia and China will also attend.
An Indian official, speaking on condition of anonymity, said India would try to focus its member states on discussions of debt and other economic issues and not seek any agreement on the war in Ukraine.
Another Indian official, speaking on condition of anonymity, said at the two-day meeting that the group said an independent commission set up in March recommended a “significant” increase in annual lending to developing countries from multilateral institutions. He said he was likely to talk about .
Chaired by economists Lawrence Summers and NK Singh, the independent commission will transform itself into a multilateral development bank focused on increasing funding for sustainable development goals, climate change and more was commissioned by the G20 to propose
The official also said the group will continue to work to resolve differences in helping low-income countries manage their debt burdens and free up climate finance.
Countries such as Zambia and Ghana are waiting for large creditors to make progress on debt relief under the so-called “common framework” led by the G20.
Global creditors, debtor nations and international financial institutions agreed in April to activate a common framework aimed at accelerating and simplifying the process of getting overstretched countries back on their feet.
Zambia has defaulted on debt for nearly three years and last month agreed to restructure $6.3 billion in debt to foreign governments, including China, but much remains to be done.
The Finance Minister and Treasurer will also seek to reach agreement on the principles of cryptocurrency management in their respective regions.
India’s Economy Minister Ajay Seth said in a video address Wednesday that the first volume of the report and “guidance notes” for developing a globally coordinated framework for the regulation and supervision of crypto-assets will be released in Gandhinagar. said to be discussed.
At its first meeting of Finance Ministers in February, the IMF endorsed the Indian government’s position that crypto-assets require global and coordinated regulation, while allowing sovereigns to choose the option of banning such assets. gave to
The G20 will also discuss key differences in the taxation of large multinationals, based on a framework proposed by the Organization for Economic Co-operation and Development (OECD).
The OECD on Wednesday agreed to defer taxes on large multinationals by a year until 2025 until a common framework is in place.
Additional reporting by Maria Martinez and Leigh Thomas.Editing: Raju Gopalakrishnan
Our criteria: Thomson Reuters Trust Principles.
