FM holds talks ahead of crucial G20 meet
3 min read . Updated: 23 Feb 2023, 11:57 PM IST
PremiumSitharaman met Italian Minister of Economy and Finance Giancarlo Giorgetti, Japan’s Finance Minister Shunichi Suzuki, US Treasury Secretary Janet Yellen, Canada’s Deputy Prime Minister and Minister of Finance Chrystia Freeland and Argentinian Minister of Economy Sergio Tomás Massa
New Delhi: Finance minister Nirmala Sitharaman on Thursday held bilateral discussions with her counterparts ahead of the G20 finance and central bank governors meet in Bengaluru on key issues like a regulatory framework for crypto assets, preparedness for future pandemic-like shocks and strengthening multilateral development banks.
Sitharaman met Italian Minister of Economy and Finance Giancarlo Giorgetti, Japan’s Finance Minister Shunichi Suzuki, US Treasury Secretary Janet Yellen, Canada’s Deputy Prime Minister and Minister of Finance Chrystia Freeland and Argentinian Minister of Economy Sergio Tomás Massa, the finance ministry said.
Sitharaman discussed the priorities under India’s G20 presidency with her counterparts.
The ministry said Italy’s Giorgetti extended his full support for India’s G20 presidency.
While New Delhi is keen to put forth perspectives of the Global South, Giorgetti indicated that Italy would continue to be a bridge between the Global North and the Global South.
Sitharaman exchanged views on G20 finance track priorities under India’s presidency with the US Treasury Secretary Janet Yellen. “The two leaders discussed their perspectives on strengthening multilateral development banks, global debt vulnerabilities, crypto assets, and health, besides the Just Energy Transition Partnership and possible takeaways for the two sides. Both sides agreed that lessons learnt from the covid pandemic should not be lost sight of and there is a need for enhancing preparedness for future pandemic type shocks," the ministry said.
Agustín Carstens, General Manager, Bank for International Settlements, who met Sitharaman, informed her that BIS is looking forward to working closely with Indian G20 Presidency and provide support to priorities in the area of technological innovation and payments.
Sitharaman and Japan’s Finance Minister Shunichi Suzuki exchanged their views on priorities under G20 finance track discussions. Both the ministers looked forward to close cooperation between Japan as G7 Presidency and India as G20 Presidency on strengthening of multilateral development banks, debt related issues, financing cities of tomorrow and coordinated policy for crypto assets, the ministry said in a social media post.
The Japanese Minister assured his whole-hearted support to India during its G20 Presidency, the ministry said.
Sitharaman acknowledged the support of Canada’s Deputy Prime Minister and Minister of Finance Chrystia Freeland in the communique drafting, cooperation in multilateral development bank reform and climate finance. “Freeland stated that the pension funds in Canada are aware of the safety and opportunity of investing in India with a large population, economy size and democratic structure, and will approach the National Investment and Infrastructure Fund (NIIF). She assured the finance minister of extending support to India during the Presidency," the ministry said.
Finance ministers and central bank governors of G20 nations will hold the two-day meeting starting Friday. The meeting will discuss global economy, international taxation, digital public goods for financial inclusion and global health. The meeting will be co-chaired by Sitharaman and RBI governor Shaktikanta Das.
It will cover issues such as strengthening multilateral development banks to address global challenges of the 21st century, financing for resilient, inclusive and sustainable ‘cities of tomorrow’, leveraging digital public infrastructure for advancing financial inclusion and productivity gains.