Bangalore. The meeting of the financial heads of the G20, a group of the world's 20 largest economies, ended on Saturday without issuing a joint communique. However, after the meeting of the G20 finance ministers and central bank governors was over, the summary and outcome documents were released. Finance Minister Nirmala Sitharaman said at the end of the two-day G20 meeting here that a joint communique could not be issued as differences emerged over how to describe Russia's attack on Ukraine.
In fact, on the completion of one year of Russia's invasion of Ukraine, the leaders of countries like America and France wanted to bring a proposal to condemn Russia for this military action, but China and Russia are against using the G20 forum to discuss the political issue. Were. The host India's initial view was that the G20 is not the forum to address such an issue, so it was in favor of defining it with neutral words like crisis or challenge.
Sitharaman said in a press conference that a joint communique could not be issued after the G20 meeting in view of the objections of Russia and China. However, the deleted paragraphs were exactly the same on which the G20 leaders had agreed in the Bali meeting held in November. Economic Affairs Secretary Ajay Seth said that the language of this paragraph was taken from the G20 Bali Declaration itself. But Russia and China said that this meeting is being held on financial and economic issues, so there is no point in mentioning Ukraine issue in it.
However, in the summary released after the meeting, it has been said that the G20 members have only reiterated their national positions regarding the Ukraine war. According to the summary document, 'the majority of members strongly condemned the war in Ukraine, stressing that it is causing excessive human suffering and exacerbating existing vulnerabilities in the global economy.'
Along with this, it was said in the summary document, 'There was a difference of opinion regarding the assessment of the situation and restrictions. While accepting that the G20 is not a forum for resolving security-related issues, we are of the view that security issues can have important consequences for the global economy. Russia and China did not agree on this particular paragraph. The two-day meeting discussed a wide range of issues including debt relief to poor countries, digital currencies and payments, reforms in multilateral lending institutions such as the World Bank, climate change and financial inclusion.
In this meeting special discussion was held on 'debt related vulnerabilities' in low and middle income countries. It flagged debt restructuring in Zambia, Ethiopia, Ghana and Sri Lanka, calling for 'strengthening multilateral coordination by official bilateral and private creditors to address worsening debt situations and facilitate coordinated debt resolution for indebted countries' needed.'
According to the summary statement, 'We task the International Financial Infrastructure Working Group to prepare G20 commentary on the global debt landscape in a fair and comprehensive manner.'
Sitharaman's summary said that there has been a marginal improvement in the global economic outlook since the last meeting in October 2022. However, risks associated with credit weaknesses remain in many emerging market and developing economies. It also mentioned the continuation of comprehensive policy cooperation and progress towards the Sustainable Development Agenda 2030. Along with this, the adequacy of the International Monetary Fund (IMF) quota was also reviewed afresh. Member countries will continue the process of IMF governance reform under the general review, in which it has been said to complete the task of quota review by 15 December 2023.
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