IMF: G20 will progress in debt relief, crypto and climate sector under the chairmanship of India, said Geeta Gopinath

Gita Gopinath, First Deputy Managing Director of the International Monetary Fund, said that under India’s presidency, the G-20 can make concrete progress in three important areas, including debt relief, cryptocurrency regulations and climate finance.

Gopinath is currently in India to participate in the consultations held as part of the G-20. He gave details about the three areas in a video posted on Twitter. He said, “We have a large number of low-income countries that are in debt crisis. While we have the G-20 general framework to assist with debt resolution. We certainly have room to improve the strength of the mechanism and The debt resolution target is an opportunity to strive for timely achievement.”

Highlighting the recent crypto meltdown, he said it is clear that internationally agreed standards for regulations have become necessary. Hopefully in 2023 we will be able to achieve progress in this direction.

On raising finance to combat climate change, Gopinath said, “In order for developing countries to adapt to climate change and contribute to reducing climate pollution, a lot of financing will be needed. This is the third area in which Substantial progress can be made during India’s presidency of the G20.”