The G-20 under India’s chairmanship can make concrete progress in three critical areas: debt relief, cryptocurrency regulation and climate finance, International Monetary Fund First Deputy Managing Director Gita Gopinath said. Gopinath, who is in India to attend the G-20 talks, 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 a common G-20 framework to help us deal with debt, we urgently need to improve the strength of the mechanism and achieve a much more timely resolution,” she said. Shedding light on the recent cryptocurrency crash, she said it was clear that internationally agreed standards of regulation had become necessary.
“Progress on that front to be able to achieve that in 2023 would be a concrete outcome,” she said. Regarding climate finance, Gopinath said: “To adapt to climate change and contribute to climate mitigation, developing countries will need much higher financing. And that’s the third area where concrete progress can be made.”