India has taken very proactive approach on various G20 priorities: IMF

Washington: IMF has said that India has taken a very proactive approach toward making progress on the priorities of the G20 and its presidency’s key priorities are enhancing financing for global public goods and strengthening macroeconomic coordination.

India assumed the year-long presidency of the G20 on December 1, 2022, and is hosting over 200 meetings and related events in cities across the country.

The G20, or Group of 20, is an intergovernmental forum of the world's major developed and developing economies.

"The presidency's key priorities are enhancing financing for global public goods and strengthening macroeconomic coordination across a range of policy areas, including debt, reform of multilateral development banks, or MDDs, and digitalisation," Julie Kozack, Director of the IMF Communication Department, said.

"India has taken a very proactive approach toward making progress on the various G20 priorities,” Kozack told reporters here on Thursday.

She added that India's G20 presidency has been centred on the theme of one earth, one family, one future.

"On debt, India has facilitated tangible progress on understanding and addressing debt vulnerabilities, including through co-chairing the GSDR (Global Sovereign Debt Roundtable) that we just talked about, and helping to find consensus on stepping up implementation of the common framework, very important for debt relief to vulnerable and low-income countries,” she said.

On digitalisation, India has a world-class digital public infrastructure that it has been showcasing to other G20 members, Kozack said, adding that under India’s G20 presidency, the grouping is further developing its understanding of the opportunities and risks of digitalisation, such as, about the macro-financial implications of crypto assets.

“We are looking forward to continuing working together with India and discussing these issues, along with advancing other G20 priorities at the July G20 meetings and the Leaders’ Summit in September,” she said in response to a question.

Kozack said that the Managing Director and the first Managing Director will travel to India on July 17 and 18 to attend the G20 Finance Ministers and Central Bank Governors meeting.

The G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU).

Collectively, the G20 accounts for 85 per cent of the global GDP, 75 per cent of international trade, and two-thirds of the world population, making it the premier forum for international economic cooperation.