G20 presidency of India has been a success

Finance Minister Nirmala Sitharaman stated on Saturday that India’s G20 Presidency has “walked the talk,” emphasizing that India’s concerns for the Global South and emphasis on human-centric globalization have found resonance and acknowledgment.

“We took office during a difficult period of rising geopolitical tensions…After the G20 proclamation was approved on the first day of the two-day summit, she declared at a joint press conference, “Today I can safely report that the Indian G-20 Presidency has walked the talk.

The G20 nations reemphasized the necessity of addressing debt vulnerabilities in low- and middle-income countries in an efficient, all-encompassing, and methodical way in their proclamation.

We are continuing to abide by all of the promises made in the Common Framework for Debt Treatments Beyond the DSSI as agreed on November 13, 2020, including those in the second and final paragraphs, and we are accelerating the Common Framework’s implementation in a predictable, timely, orderly, and coordinated fashion. To provide the necessary suggestions, we urge continuing discussion of the policy-related problems associated with the application of the Common Framework. The proclamation read, “We applaud the recent agreement on debt treatment between the Government of Zambia and the Official Creditor Committee and look forward to a speedy resolution.

“We applaud the establishment of Ghana’s official creditor committee and anticipate swift agreement on a debt treatment. We also demand that Ethiopia’s debt restructuring be completed as soon as possible. Beyond the Common Framework, we support all initiatives for a prompt resolution of Sri Lanka’s debt problem, including the establishment of the official 22 Zero Draught creditor group, and we urge a swift conclusion,” it continued.

The G20 nations praised private sector lenders for their efforts in providing data to the joint Institute of International Finance (IIF)/OECD Data Repository Portal and continue to encourage others to do the same voluntarily.

“We support the Global Sovereign Debt Roundtable (GSDR) members’ initiatives to improve dialogue and establish a shared understanding among important parties, both inside and outside the Common Framework, to facilitate efficient debt treatments. We appreciate the continued efforts by all parties involved, including private creditors, to increase debt transparency. We take note of the findings from the voluntary exercise of taking stock of data sharing with International Financial Institutions, according to the announcement.