Under India’s G20 presidency Gita Gopinath lists progress that can be made

New Delhi, Dec 16: International Monetary Fund (IMF) first Deputy Managing Director, Gita Gopinath said that progress can be made in three areas, namely cryptocurrency regulations, climate finance and debt relief under India's G20 presidency.

Gopinath was taking part in the deliberations at the first G20 Finance and Central Bank Deputies meet in Bengaluru. She had also tweeted a video clop on the social media, explaining these areas.

"The first is in the area in debt. We have a large number of low-income countries that are in dire distress. While we have the G20 framework to help with their resolutions, we absolutely need to improve on the strength of their mechanism and get a much more timely resolution. That would be clear progress," Gita Gopinath said on Thursday.

"The second is in the area of crypto regulation. After the meltdown that we have seen recently, it is clear that we need internationally-agreed standards on regulations. Progress on that front, being able to accomplish that in 2023 would be a concrete outcome," she said on the cryptocurrency regulations.

On climate finance, she said that for developing countries to adapt to climate change, to contribute climate mitigation, they will need a much higher financing and that is the third area where concrete progress could be made.

This meeting marked the beginning of the G20 Finance Track under the Indian presidency. The first G20 Finance and Central Bank Deputies Meet saw over 160 foreign delegates including deputies from the G20 member nations, international organisations and invitee countries.

The delegates were also given a glimpse of the traditional as well contemporary culture of Karnataka though a vivid display of different art forms, a statement read.

As India began its G-20 presidency, Prime Minister Narendra Modi said it will work to further promote oneness, inspired by the theme of "One Earth, One Family, One Future", and listed terror, climate change, pandemic as the greatest challenges that can be best fought together.

India's G20 priorities will be shaped in consultation with not just our G20 partners, but also our fellow-travellers in the global South, whose voice often goes unheard, he said, according to a PTI report.

India's G20 agenda will be inclusive, ambitious, action-oriented, and decisive, he added. "Let us join together to make India's G20 Presidency a Presidency of healing, harmony and hope. Let us work together to shape a new paradigm - of human-centric globalisation," he said in an article which appeared in several newspapers and was posted on his website too.