G20’s Inclusive Economic Outcomes for Global South
Union Finance Minister Nirmala Sitharaman praised the G20 New Delhi Leaders’ Declaration for its focus on people and proactive approach. She ensured that no country, especially those from the Global South, would be left behind. The agreement includes stronger multilateral development banks (MDBs), a functional dispute resolution system in the World Trade Organization, and rules for cryptocurrencies, debt resolution, financial inclusion, and digital infrastructure.
Sitharaman stressed the importance of involving all countries in decision-making, considering the diverse development stages of G20 nations. She believes the solutions are tailored to each member’s needs. Enhancing MDBs will also give developing countries a stronger voice.
The independent expert group within the G20 proposed a plan to eliminate extreme poverty, promote inclusive growth, and fund global public goods. They also suggest a ‘Global Challenges Funding’ mechanism. The report’s second volume will be discussed at the World Bank and IMF meetings in Marrakech.
Regarding cryptocurrencies, Sitharaman noted progress in creating clear policies globally. The IMF and FSB are working on a coordinated approach to crypto assets. However, whether it will be regulated or banned is up to G20 members. The IMF and FSB released a policy paper suggesting a licensing system for crypto-asset platforms instead of a complete ban.
The Leaders’ Declaration also stresses improving digital services and infrastructure access. They aim to use digital transformation for sustainable and inclusive growth. It supports the Financial Inclusion Action Plan (FIAP), speeding up financial inclusion for vulnerable groups in G20 countries and beyond.
Re-reported from the article originally published in The Indian Express
