As finance officials from the Group of 20 (G20) gathered near Bengaluru for a meeting, India reiterated its stance on the war in Ukraine on Wednesday. Anurag Thakur, India’s information minister, welcomed delegates and emphasized the need for dialogue and diplomacy, stating that the current era is not for war.
The first major event of India’s G20 presidency, the meeting is set to discuss the war in Ukraine, and the first anniversary of Russia’s invasion of its neighbour falls on Friday. Although India has maintained a neutral stance on the war, the topic is expected to feature prominently during the proceedings.
One central bank deputy governor spoke anonymously, stating that many nations are keen to speak on the Russia-Ukraine war. Meanwhile, the G20 finance ministers and central bank chiefs are expected to discuss unblocking debt restructuring for economies that have been badly affected by the COVID-19 pandemic and the war in Ukraine.
India has drafted a proposal for G20 countries to help debtor nations by asking lenders, including China, to take a large haircut on loans. During the event, the International Monetary Fund (IMF) plans to hold a meeting with the World Bank, India, China, Saudi Arabia, the United States and other Group of Seven (G7) nations to try to reach understanding on common standards, principles and definitions on how to restructure distressed country debt.
Other topics on the meeting’s agenda include rules on cryptocurrencies, reform of multilateral development banks, international taxation and securing adequate finance to combat climate change. Notably, the Russian finance minister and central bank chief were not expected to attend the meeting and would be represented by their deputies.
