G20 finance ministers meet concludes without agreement

Gandhinagar, India, Jul 18 (EFE).- The G20 Finance Ministers and Central Bank Governors meeting concluded on Tuesday without a joint agreement on fundamental issues or a consensus on relief to severely indebted nations.

The host country India presented a statement, instead of a joint statement, on the issues addressed in the discussions due to the refusal of some members, such as China and Russia, to condemn the violence in Ukraine.

Indian Finance Minister Nirmala Sitharaman told the media that they failed to reach an agreement on the language regarding the Russia-Ukraine war.

The two-day meeting discussed high debt in emerging markets and developing countries, the evolution of multilateral development banks, and the global fiscal agreement for the valuation of multinationals firms.

Global debt has exceeded $300 trillion, with several nations on the verge of default, which has put the financial forum in search of a common framework between bilateral creditors, financial institutions and debtors for economic recovery.

Nearly 60 nations have debts exceeding 60 percent of their respective GDP.

In this regard, the UN this week called on G20 ministers to work on a suspension of public debt repayment so that developing nations may tackle poverty.

The willingness of China, a member of the group and the world’s largest creditor for debt restructuring, to reach an agreement is critical for many cash-strapped countries.

The G20 Summit of the heads of the member countries are scheduled to be held on Sep. 9 and 10. EFE


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