G20 finance leaders meet kicks off in India

Bengaluru, India, Feb. 24 (EFE).- The meetings of G20 finance ministers and central bank governors kicked off in India on Friday, coinciding with the first anniversary of the Russian invasion of Ukraine, which has sparked global tension and a series of challenges that will dominate the summit.

“We are witnessing raging geopolitical tensions in different parts of the world, there are disruptions in global supply chains, many societies are suffering due to rising prices, and food and energy security have become major concerns across the world,” India’s Prime Minister Narendra Modi said.

The main sessions of the two-day finance ministers and central bank governors meeting will be held in the southern Indian city of Bengaluru.

It is the first high-level ministerial meeting organized by India since it assumed the G20 presidency.

“Even the financial viability of many countries is threatened by unsustainable debt levels… trust in bilateral financial institutions has eroded,” Modi added.

Among the main challenges that the delegations of the world’s 20 largest developed and emerging economies will face will be to “collectively work to strengthen multilateral development banks, meeting global challenges like climate change and hydric levels,” the Indian leader said.

The start of the meetings on Friday coincides with the first anniversary of Russia’s invasion of Ukraine.

On Thursday, India abstained in the United Nations General Assembly on a resolution that stressed the need to achieve a “comprehensive, just and lasting peace” in Ukraine.

India assumed the rotating presidency of the bloc in December, receiving it from Indonesia, and is aiming to host more than 200 meetings of the bloc during the year.

Among the ministers and representatives from G20 member countries who traveled to India are the United States’ Treasury Secretary Janet Yellen, Span’s First Vice President Nadia Calvino, French Finance Minister Bruno Le Maire and Argentinean Economy Minister Sergio Massa.

India has chosen “Vasudhaiva Kutumbakam” (One Earth, One Family, One Future) as its motto for the presidency, borrowing from the pacifist ideas of Buddha and Mahatma Gandhi, the leader of the Indian freedom struggle, at a time when the world is facing increased instability.

The diplomatic activities will culminate with the G20 leaders’ summit, set to be held in New Delhi on Sep. 9-10. EFE


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