Union Finance Minister Nirmala Sitharaman called for collective responsibility of G20 countries to prevent global economic risks from aggravating

Union Finance Minister Nirmala Sitharaman called for collective responsibility of G20 countries to prevent global economic risks from aggravating

India on Thursday briefed the finance ministers and central bank governors of G20 countries about its agenda for the next year when it assumes the rotating annual presidency of the grouping.

“India will take over the G20 Presidency in 2023, including the finance track. The ministers and governors have been briefed about the proposed main priority agendas from the 2023 India Presidency,” Indonesian Finance Minister Sri Mulyani Indrawati told reporters during a press conference held here on the sidelines of the annual meetings of the International Monetary Fund and the World Bank.

Indonesia currently holds the presidency of G20 countries.

On Thursday, Ms. Indrawati chaired meetings of finance ministers and central bank governors of G20 countries, which among others was attended by Union Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das.

It is during this meeting and the breakfast meeting hosted by Ms. Sitharaman earlier in the day for the finance ministers of G20 countries that India briefed them about its proposed agenda for 2023.

Responding to a question, Ms. Indrawati refrained from sharing details of India’s proposed agenda.

“I’m not commenting on that… We really support India presidency and their agenda. A lot of the issue is the continuation, which I think is really welcome because a lot of them will become an issue which is also critically important, especially during 2023, which is still going to be a quite challenging economic situation,” she said.

“I wish India all the best to continue coordinating our best effort in averting the risk of a global economic downturn,” the Indonesian Finance Minister said.

Emerging out of the fourth and the final finance ministers and central bank governors meeting under the Indonesian G20 Presidency, Ms. Indrawati said despite the fact that they faced many challenges from the beginning as the result of escalating political conflict, a war in Ukraine, and exacerbated by the worsening economic situation, the Presidency has been able to maintain the unity of the G20 as a premier global forum for economic and financial policy.

The meeting, she said, is being held at a time when the global economic situation has become more challenging. “I do not think it is an exaggeration to say that the world is in a dangerous condition. The policy responses need to be specific, clear, coordinated, and well-communicated, not only a normative macro policy mix,” she said.

The meeting discussed six agendas — Global Economy, International Financial Architecture, Financial Sector Regulation, Infrastructure Investment, Sustainable Finance and Sustainable Taxation.

“We must go further — we need to develop concrete actions by demonstrating the spirit of cooperation, collaboration, and consensus. Our shared G20 history shows us we are capable of this,” Ms. Indrawati said.

India calls for collective responsibility for preventing risks from aggravating

Ms. Sitharaman on Thursday called for collective responsibility to prevent the global economic risks from aggravating. She said that India’s efforts will be to encourage conversations that recognise “our inter-dependencies, our shared wisdom, and our collective aspiration” for a safe, peaceful and prosperous world.

Today’s global economy faces a confluence of challenges and “it is our collective responsibility” to prevent the risks from aggravating, the finance minister said in her speech during the closing session of the G20 finance ministers and central bank governors.

In her remarks, the finance minister said that India views the hosting of the G20 Presidency as an opportunity as well as a responsibility.

“Rebuilding trust in multilateralism is at the core of India’s thinking,” she told her G20 colleagues.

Ms. Sitharaman said that G20 finance ministers have always come together in the harshest global situations, set aside their differences, and worked towards a common goal of prosperity for our people.

As such, she urged the finance ministers and central bank governors to continue working together with this sense of solidarity. 

Sitharaman holds meetings with Australia, Egypt counterparts

The Union finance minister also held bilateral meetings with her counterparts from Australia and Egypt in addition to her discussions with the leadership of OECD.

During all these meetings, India received support for its G20 agenda.

Ms. Sitharaman in her meeting with J.E. Chalmers, Treasurer of Australia, discussed possible issues for G20 India Presidency in 2023, the finance ministry said.





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By Dipak

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