G-20, under India’s presidency, can make concrete progre🧜ss on three critical areas: debt relief, regulations of cryptocurrency and climate finance, International Monet🔯ary Fund’s First Deputy Managing Director Gita Gopinath said.
Gopinath, who is in India to participate in deliberations he🦩ld as part of G-20, explained the three areas in a video posted on Twitter.
“We have a large number of low-income countries that are in debt distress. Wh🐷ile we have the G-20 common framework to help with debt resolution, we need to improve the strength of the mechanism and get a much more timely resolution,” she said.
Throwing light 🐎on the recent crypto meltd🔯own, she said it was clear that internationally agreed standards of regulations had become necessary.
“Progress on that front being able to accomplish th🎉at in 2023 would be a concrete꧟ outcome,” she said.
On climate finance, Gopinath said, “To have developing countries adapt to climate change, to contribute to climate mitigation, they will need much higher financing. And that's a third area where concrete progress can be made.”
