Associate Press released that the meeting of the Group of Twenty (G-20) alliance of industrialized nations has begun with priority given to debt restructuring agreements, multilateral bank and financial system reforms to strengthen the global economy and combat climate change. It started yesterday in India’s Gujarat, the finance ministers of the G-20 countries and heads of central banks participated in it.
Nirmala Sitharaman, President of the Gandhinagar summit and the host country, Finance Minister of India, addressed the economic leaders, “Our responsibility is to lead the world economy towards stronger, sustainable, balanced and inclusive growth.”
Half of low-income countries are currently in debt crisis. The number of indebted countries has doubled since 2015. According to the senior official of the G20 conference, there was no promising response from China. Especially with debt discussions. The situation in several powerful countries has taken a turn for the worse in the wake of Covid-19 and Russia’s invasion of Ukraine, affecting global energy, power and commodity prices.
The World needs to heal the wounds it gets from different turbulences and unwanted events that had happened in recent years. Hope that thoughts and initiatives taken by G-20 countries will bring some good for low income countries in future.