G20 Summit: Addressing the inaugural session of the assembly of G20 finance ministers and central financial institution governors, RBI Governor Shaktikanta Das on Friday known as upon G20 nations to resolutely handle the challenges, like threats to monetary stability and debt misery that confront the world financial system.
“Although the outlook for the world financial system has improved in current months and there may be now greater optimism that the world may avoid a deep recession and solely expertise gradual development or softer recession, he added.
“Together, we must resolutely address the challenges that confront us, including those that are of medium to long-term nature such as threat to financial stability, debt distress, climate finance, fractures in global trade and strains on global value chains,” Das stated.
We should promote greater world financial cooperation and place the world financial system on a trajectory of sturdy sustainable balanced and inclusive development,” Das stated.
This is the first assembly of the finance ministers and central financial institution governors of G20 — a grouping of growing and developed nations — underneath the India Presidency.
The RBI Governor stated G20 is poised for a transformational journey and inside the finance monitor, the effort shall be to entrench unwavering religion in G20 as a multilateral discussion board to deal with challenges.
In her inaugural handle, Finance Minister Nirmala Sitharaman stated the G20 discussions in 2023 underneath the India Presidency will deal with exploring holistic options to most urgent world challenges.
“The G20 can transform lives across the globe by leveraging the complementary strengths of members while respecting country needs and circumstances. It can be an incubator of new ideas…and a forum to listen to the voices of the ‘Global South’,” Sitharaman stated.
(With PTI enter)
