War, Debt Distress And Inflation : G-20 Finance Chiefs Spar In India

The central bank and finance chiefs of the largest economies in the world will discuss the risks related to the prolonged Russia-Ukraine war, with yet another shift to reinstituting interest rate hikes in meetings designated in Gandhinagar, India, next week.

The debate among the Group of 20 countries regarding the Russia-Ukraine war has now dragged on for 17 months resulting in slowing down the economy, which has kept the policy-makers on edge over the increasing inflation and stuttering growth.

G-20 chiefs have also been inspecting the regulations for cryptocurrencies and ideas to get access to more climate financing.

There will be demands made to the World Bank and the International Monetary Fund to bolster their balance sheets and address not only the impact of climate change but also potential pandemics.

The foundation of the discussion at the G-20 meetings in Paris last month involved 40 world leaders that committed to an easier access to cash for the underdeveloped or the poorer countries that are under debt stress.

Some of the key issues that are to be debated upon in the meetings set on Monday and Tuesday are:

• War Language
• Interest Rate Conundrum
• Multilateral Reforms
• Debt Distress
• Crypto Regulations

The discussions will cover the issues above, with India being the G-20 President this year.

“On all items in core agenda, common ground was found, except for the impact of war between Russia and Ukraine on the world economy,”

Ajay Seth, the Economic Affairs Secretary in India, stated.