G20 Summit: Addressing the inaugural session of the G20 Finance Ministers and Central Bank Governors meeting, RBI Governor Shaktikanta Das on Friday called upon the G20 countries to fully address the challenges facing the global economy such as financial stability and debt crisis. Did.
“However the outlook for the global economy has improved in recent months and there is now more optimism that the world may avoid a deep recession and experience only slower growth or a mild recession,” he said.
“Together, we must resolutely address the challenges that we face, including those that are of a medium to long-term nature such as financial stability, the debt crisis, climate finance, fractures in global trade and global value chains But stress,” Das said.
We should promote greater global economic cooperation and set the global economy on a path of strong, sustainable, balanced and inclusive growth, Das said.
This is the first meeting of finance ministers and central bank governors of the G20 – a grouping of developing and developed countries – under the India Presidency.
The RBI Governor said that the G20 is set for a transformative journey and within the finance track, efforts will be made to instill unwavering faith in the G20 as a multilateral platform to address challenges.
Finance Minister Nirmala Sitharaman in her inaugural address said that the G20 dialogue under India’s chairmanship in 2023 will focus on finding comprehensive solutions to the most pressing global challenges.
“The G20 can transform lives around the world by leveraging the complementary strengths of members while respecting country needs and circumstances. It can be an incubator of new ideas … and a platform for the voices of the ‘Global South’ to be heard.” ” Sitharaman said.
(with PTI inputs)