G20 finance ministers and central bank chiefs have opened talks on debt restructuring deals, multilateral bank reform and finance to tackle climate change, as they aim to bolster a sagging global economy.
Indian Finance Minister Nirmala Sitharaman, chair and host of the summit in Gandhinagar, began by telling finance leaders of “the responsibility they have to steer the global economy towards strong, sustainable, balanced and inclusive growth”.
Key on the two-day agenda will be “facilitating consensus to intractable issues associated with rising indebtedness’ ‘, Sitharaman said while speaking to newsmen alongside U.S. Treasury Secretary Janet Yellen.
According to Sitharaman, talks will also focus on “critical global issues such as strengthening the multilateral development banks and taking coordinated climate action”.
Yellen said “The world is looking to the G20 to make progress on key challenges like climate change and pandemics as part of our work to strengthen the global economy.”
She also cited work to tackle debt distress among the world’s poorest countries, noting debt restructuring progress in Zambia, which she had discussed when visiting Beijing this month.