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On Tuesday morning, a bilateral assembly between India and China was held on sidelines of the FMCBG summit.
After conclusion of the Third G20 Finance Ministers and Central Bank Governors (FMCBG) assembly at Gandhinagar on Tuesday, Union Finance Minister Nirmala Sitharaman stated that China’s stand on debt restructuring was “encouraging” and he or she anticipated China to be “onboard” earlier than the G20 leaders’ summit in New Delhi in September.
“Today it (China’s response) appeared encouraging,” Sitharaman advised mediapersons when requested concerning the stance of China with regard to debt restructuring at a press convention held after the conclusion of the two-day summit.
China is one among world’s largest bilateral creditor and G20 nations are in talks with it to make use of the “common framework” of G20 to offer debt reduction. Asked how optimistic she was concerning China coming “on board” by September as a part of frequent debt decision framework, Sitharaman stated, “I am very hopeful.”
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Sitharaman additionally thanked Chinese Finance Minister Liu Kun. “We were able to arrive at a consensus because of China’s cooperation and willingness with the membership for particularly mutually beneficial issues.”
An “outcome document and chair summary” launched after the conclusion of G20 assembly additionally touched upon the difficulty of debt decision with out naming China. “We re-emphasise the importance of addressing debt vulnerabilities in low and middle-income countries in an effective, comprehensive and systematic manner. We continue to stand by all the commitments made in the Common Framework for Debt Treatments,” the assertion stated.
On Tuesday morning, a bilateral assembly between India and China was held on sidelines of the FMCBG summit. “The ministers discussed G20 finance agenda items in context of the ongoing G20 meeting. Minister Liu Kun appreciated India’s leadership in G20 and stated that a lot of results have been achieved so far. Key discussion items included deliverables under G20 India Presidency, including strengthening MDBs (multilateral development banks), global debt vulnerabilities and GPFI (Global Partnership for Financial Inclusion). Minister Liu Kun also appreciated work of the G20 Independent Expert Group for strengthening MDBs setup under G20 India Presidency,” the Union Finance Ministry later tweeted.
First printed on: 19-07-2023 at 04:20 IST
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