In India, G20 finance chiefs embark on addressing global challenges such as climate change and rising debt | Wagon Radio 720

NEW DELHI (AP) – Finance ministers of the Group of 20 (G20) countries meeting in India on Monday address critical challenges to the global economy, including the threat posed by climate change and rising debt in low-income countries I’m ready to.

India’s Finance Ministers, who will host a global group meeting, said the G20 will focus on strengthening the global economy as growth remains uneven and below average.

“What we need is a coordinated international effort to get through this difficult time,” Nirmala Sitharaman said in his opening remarks ahead of the meeting in Gandhinagar, in the western Indian state of Gujarat. Stated.

Earlier Monday, Sitharaman and US Treasury Secretary Janet Yellen said the two countries were working together to advance the group’s agenda. The two leaders made the remarks after meeting on the sidelines of the G20 meeting, an indication of the importance of bilateral ties amid heightened tensions with China.

“As part of our efforts to strengthen the global economy and help developing countries, the world expects the G20 to make progress on key challenges such as climate change and pandemics,” Yellen said.

Sitharaman said a priority for the G20 and its Indian presidency is to strengthen global development banks and reach agreement on “the challenges of rising debt in low- and middle-income countries.” Yellen added it was important to “call for more ambition and concrete reforms” regarding the World Development Bank.

Both leaders stressed the need to address the debt problems facing low- and middle-income countries and to improve the multilateral debt restructuring process.

Sri Lanka and Ghana defaulted on international debt in 2022, about two years after Zambia defaulted. And more than half of all low-income countries are facing debt crises, adversely affecting their long-term ability to function and develop.

The meeting of finance ministers and central bank governors will end on Tuesday.

The G20 finance ministers’ meeting in February in India’s tech hub Bengaluru ended without consensus after Russia and China objected to the mention of the war in Ukraine in the final document.

Yellen returned to India for the first time in nine months, this time just after a visit to Beijing. “The United States and India are among the closest partners in the world,” he said Monday, reiterating the deepening ties between the two countries.

In a statement, he said the United States looked forward to working with India on an “investment platform that will deliver lower capital costs and increased private investment to accelerate India’s energy transition.”

India’s longstanding relationship with Russia is also at stake as the Kremlin’s invasion of Ukraine continues despite efforts by the United States and its allies to sanction and economically damage the Russian economy. India has not joined efforts to punish Russia and has maintained energy trade with the country despite seven major powers’ approval of price caps on Russian oil, which has slowed the Russian economy. has had some success.

Nevertheless, the United States has strengthened its ties with India and has been a favorite of its leader. In June, President Joe Biden hosted a state visit to the White House honoring Indian Prime Minister Narendra Modi, aimed at highlighting and promoting the partnership between the two countries. The two leaders declared that relations between the United States and India had never been strengthened and rolled out new business agreements between the two countries. In India, G20 finance chiefs embark on addressing global challenges such as climate change and rising debt | Wagon Radio 720

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