The IMF “fully supports” the G20 agenda of India, which is planning to make use of the continued international crises as a possibility to hunt consensus on points that require pressing consideration, a senior official from the worldwide monetary physique has mentioned.
India formally assumed the G20 Presidency on Thursday.
“They (India) are putting together a collective agenda for a much more prosperous future,” Ceyla Pazarbasioglu, Director of the Strategy and Policy Review department at the International Monetary Fund (IMF), told a group of reporters ahead of her trip to China and India next week.
“They (India) plan to use the ongoing (global) crises as an opportunity to seek consensus on issues that really require urgent attention,” she mentioned on Thursday.
Ms. Pazarbasioglu was apparently referring to the meals and power crises because of the ongoing Russia-Ukraine battle.
The IMF “fully supports” the G20 agenda of India, she mentioned.
The theme of India’s G20 presidency is “One Earth, One Family, One Future.” “This means that India is prioritizing the need to set aside differences and work at the local level, the federal level, the international level,” defined the IMF official.
India, she mentioned, performed an vital function in negotiating the G20 declaration in Bali, Indonesia.
“As you know, we haven’t been able to have a declaration or a communique in the past two ministerial meetings, they were chair summaries. I will not go into details on how many hours those took. But so, this was a major achievement, which included very strong language, that most members condemned the war in Ukraine,” she mentioned.
The G20’s Bali Declaration final month acknowledged variations amongst members on the Russia-Ukraine battle however burdened that it was important to stick to worldwide regulation, together with the safety of civilians caught in conflicts.
The members of the grouping made it clear that they have been in opposition to the use or risk of use of nuclear weapons and sought “peaceful resolution of conflicts.” “Today’s era must not be of war,” the declaration mentioned, echoing the comment made by Prime Minister Modi throughout his bilateral assembly with Russian President Vladimir Putin on the margins of the SCO summit in September.
In addition to persevering with with the G20 agenda, India has additionally introduced its set of priorities that are vital for the worldwide neighborhood, Ms. Pazarbasioglu mentioned.
“There are continuing efforts, be it on the debt side, be it on the tax side, and other priorities,” Ms. Pazarbasioglu mentioned.
At the identical time, India has additionally recognized its personal initiatives that they wish to showcase.
“That’s primarily the digital public infrastructure the place India has been main the way in which. That is essential for good governance, and that is essential within the present circumstances the place we have now a variety of inequality and considerations about simply or clear public revenues and spending,” she said.
“This digital public infrastructure will be a key theme of India’s G20 presidency,” she said.
A successful outcome for the 16th General Quarter Review of the IMF is going to be particularly important for it.
“Of course, this is an issue that will be discussed with the IMFC and decided by the International Monetary and Financial Committee (IMFC), but they (India) will have a very important role to play on the sidelines, as well as at the meetings to help us focus on a successful outcome… which we would like to find rise by the end of next month next year, which is a major challenge,” she said.
Debt management and climate change are the two major issues for the G20, she noted, adding that they would continue working on the macro assessment of the food and energy shocks.
“We have been very fortunate to work with a superb technical group. I need to say, it is a actually wonderful group in India that has been placing collectively and getting inputs from others, G20 members, ourselves, the World Bank, different worldwide establishments,” mentioned the highest IMF official.