India eyes G20 consensus on key areas – Times of India

GANDHINAGAR: The government is hopeful of its key issues in the finance track — ranging from the reform of multilateral development banks to loan restructure for stressed nations, cryptocurrency and digital public infrastructure — finding strong support within G20, despite efforts by China to stall consensus on some of the areas.
In the discussions to draft an “outcome document” for the meeting of G20 finance ministers and central bank governors, China has sought to block an agreement on the text, first, on the issue of climate change related commitments, and then on restructuring the loans of stressed countries that are seeking package from the International Monetary Fund and the World Bank as well as bilateral lenders.
On Saturday, Beijing was insisting on a language on climate that does not put burden on it, amid repeated calls to check its emissions. And, on Sunday, it again had problems with issues related todebt restructuring, where it wants a deal that suits its terms and conditions — which have often impinged on sovereignty of countries — instead of going along with a package that is agreed to by global agencies.
With most countries on board, China is seen to be holding up talks that are of critical interest to some of the countries in Africa and Caribbean that are facing a financial crisis. In fact, India has been calling for a quicker response to resolve these issues, while also insisting that the one-size-fits all approach does not work for all countries.
Officials are, however, hopeful that a solution would be found just as had happened in Bengaluru earlier this year. For India, the other area of interest is cryptocurrency regulations, where a “synthesis paper” is being jointly readied by the IMF and the Financial Stability Board. India has been seeking a common framework, arguing that efforts by one country alone will not help regulate the instrument. It is seeing some success as countries have now started making a distinction between digital assets and currencies.
While Russia’s shadow looms large over the meeting, the tension is less than the first meeting in Bengaluru, with Indian officials indicating that they will try to get an outcome document. In any case, they said that the Russia-Ukraine issue has to be resolved at the level of leaders.