Wednesday, June 7, 2023
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International Monetary Fund fully supports India’s G20 agenda for much better prospects in the face of the global economic crises

The focus for India’s G20 presidency is “One Earth One Family One Future’

The IMF fully supports its G20 plan for India and intends to utilize the current global crisis as an opportunity for agreement on issues that need urgent attention, a senior official of the world’s financial institution has stated.

India officially took over India’s G20 presidency on Thursday.

“They (India) will be working together to create a plan for a better future,” Ceyla Pazarbasioglu, Director of the Strategy and Policy Review department at the International Monetary Fund (IMF) spoke to a group of journalists ahead of her visit in China in the coming week. India the week following.

They (India) intend to make use of the current (global) crisis as an opportunity to reach an agreement on issues that need urgent focus,” she said on Thursday.

Pazarbasioglu may have been talking about the energy and food shortages as a result of the ongoing Russian-Ukraine conflict.

The IMF is ‘fully supportive of its G20 Agenda of India She said.

The focus for India’s G20 presidency is “One Earth One Family One Future.’

“This signifies that India has a high priority on the need to put aside disagreements and work locally, at the federal level, and the world level,” said an IMF official.

India She said that India was a major player in the negotiation of the G20 statement in Bali, Indonesia.

“As you may have guessed that we’ve not been able to issue any kind of declaration or communique during the last two ministerial meetings. They were chair briefings. I won’t give details of the length of time it required. However, this was an enormous accomplishment that included a very clear language that the majority of people in the room condemn the conflict within Ukraine,” she said.

The G20’s Bali Declaration last month acknowledged disagreements among its members over the Ukraine-Russia war but also emphasized the need to respect international law, which includes safeguarding civilians in conflict.

The grouping members stated that they opposed the use or the threat of nuclear weapons and were seeking a “peaceful resolution of conflict.”

“Today’s period should not be one of conflict,” the declaration said it was echoing the remarks that were made by Prime Minister Modi during his conversation together with Russian Vladimir Putin. Vladimir Putin is on the margins of the SCO summit in September.

In addition to pursuing and implementing the G20 agenda India will also announce its priorities, which are vital to the international group, Pazarbasioglu said.

“There are ongoing efforts, whether it’s on either the side of debt or be it tax related as well as other areas of priority,” Pazarbasioglu said.

In the meantime, India has also identified its own initiatives which they would like to promote.

“That’s mostly the digital public infrastructure in which India is leading in the direction. It’s crucial to ensure good governance and is crucial in these times where there’s an abundance of inequity and questions about the fairness of or transparent public revenues and expenditures,” she said.

“This technology will become a major issue during the Indian G20 presidency,” she said.

A positive outcome on this 16th General Quarter Review of the IMF will be vital for the IMF.

“Of course, this is a matter that will be debated by the IMFC and then decided at the International Monetary and Financial Committee (IMFC) However, the country (India) will also have an extremely important role take on the sidelines as well as during the meetings to help us concentrate on a positive outcome. that we’d like to see an increase at the end of the next month of the year. That is a huge challenge,” she added.

Climate change and debt management are two of the major concerns for the G20 She said she added that they would continue to work on the macro evaluation of the energy and food impact.

“We have been extremely fortunate to have a great technical team. I have to say, it’s an outstanding team in India who is putting together and receiving input from others, G20 members, ourselves, and our colleagues at the World Bank, and other international institutions,” said the top IMF official.

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