The International Monetary Fund (IMF) has commended India for its proactive approach in advancing the priorities of the G20, emphasising the nation’s focus on bolstering financing for global public goods and fortifying macroeconomic coordination.
India assumed the G20 presidency on December 1, 2022, and has since been hosting more than 200 meetings and associated events in various cities across the country. Julie Kozack, Director of the IMF Communication Department, outlined the presidency’s key objectives during a press briefing, including enhancing financing for global public goods, strengthening macroeconomic coordination across multiple policy domains, debt reform, reforming multilateral development banks, and addressing digitalization.
“India has taken a very proactive approach toward making progress on the various G20 priorities,” Kozack noted. She further highlighted that the theme of India’s G20 presidency is “One Earth, One Family, One Future”.
On debt-related issues, India has been instrumental in promoting a better understanding of debt vulnerabilities and finding a consensus on amplifying the implementation of the common framework, crucial for providing debt relief to vulnerable and low-income nations. Kozack also pointed out that India, boasting a world-class digital public infrastructure, has been demonstrating its capabilities to other G20 members.
Under India’s G20 presidency, the group has been expanding its grasp of the potential opportunities and risks linked to digitalization, such as the macro-financial implications of crypto assets. “We are looking forward to continuing working together with India and discussing these issues, along with advancing other G20 priorities at the July G20 meetings and the Leaders’ Summit in September,” Kozack expressed.
The IMF revealed that the Managing Director and the first Managing Director are scheduled to travel to India on July 17 and 18 to attend the G20 Finance Ministers and Central Bank Governors meeting.
The G20, which comprises both developed and developing economies, represents 85% of the global GDP, 75% of international trade, and two-thirds of the world population, making it the foremost forum for international economic cooperation.