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G20 Finance Leaders Fail to Agree on War in Ukraine, Focus on Debt Negotiations Instead

  • Posted on February 26, 2023
  • News
  • By Akta Yadav
 Debt Negotiations :-
The finance leaders of the G20, comprising the world's biggest economies, concluded their meeting hosted by India without arriving at a consensus on the conflict in Ukraine. While they made some progress towards restructuring the debt of struggling countries, the delegates refrained from mentioning the war in Ukraine. Three sources familiar with the discussions said that the meeting is likely to end without a joint communique as there was no agreement on how to describe the conflict. Debt Negotiations Debt Negotiations-Debt Negotiations The United States and its allies from the Group of Seven (G7) have been insistent on a direct condemnation of Russia for invading Ukraine. However, the Russian and Chinese delegations were against such language. Both China and Russia were upset with the discussion of political matters at the G20, as they believe it should only be used for economic issues. U.S. Treasury Secretary Janet Yellen had earlier stated the necessity for a communique to condemn Russia, which she felt was essential and appropriate. However, India, which holds this year's G20 presidency, is urging the meeting to avoid using the word "war" in any official statement. Neutrality has been maintained by India in the conflict, and a diplomatic solution is being sought. The meeting is expected to conclude with a summary of the discussions issued by the host, as no consensus was reached among the members. Meanwhile, on the sidelines, the International Monetary Fund (IMF) held a meeting on restructuring the debt of struggling economies.  The IMF Managing Director Kristalina Georgieva co-chaired the roundtable with Indian Finance Minister Nirmala Sitharaman. However, there were disagreements among members. While some initial progress was made on the issue's language, restructuring was not discussed in detail. Debt Negotiations Debt Negotiations-Debt Negotiations Yellen clarified that the meeting was mostly organisational, and there were no specific deliverables. The pressure is mounting on China, the world's largest bilateral creditor, to take a significant haircut in loans given to struggling developing nations. Yellen pressed all bilateral creditors, including China, to participate in meaningful discussions. The urgency of debt treatment for Zambia and financing assurances for Sri Lanka were emphasised, as both countries owe a considerable amount to China. For more updates keep visiting our website where we provide unbiased, true and top stories of the world.  
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Akta Yadav

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