As G20 finance officials gather near the southern Indian city of Bengaluru for their meeting, India has reiterated its stance on the war in Ukraine, calling for dialogue and diplomacy rather than war. Anurag Thakur, India’s information minister, welcomed the delegates to the meeting which ends on Saturday.
Finance ministers and central bank chiefs from the G20 nations will join the meeting on Friday. The war in Ukraine is likely to be a major topic of discussion, as it marks the first anniversary of Russia’s invasion of its neighbour on that day. India has kept a neutral stance on the conflict, declining to blame Russia and instead seeking a diplomatic solution. It has also increased its purchases of Russian oil over the past year.
The G20 finance ministers and central bank chiefs are expected to discuss unblocking debt restructuring for distressed economies that have been badly hit by the COVID-19 pandemic and the war in Ukraine. India has drafted a proposal for G20 countries to help debtor nations by asking lenders, including China, to take a large haircut on loans. US Treasury Secretary Janet Yellen and German Finance Minister Christian Lindner will be attending the meetings and are expected to press China to “quickly deliver” on debt relief for low and middle-income countries.
The International Monetary Fund (IMF) is also planning to hold a meeting with the World Bank, India, China, Saudi Arabia, the United States and other Group of Seven (G7) nations to try to reach an understanding on common standards, principles and definitions on how to restructure distressed country debt. Rules on cryptocurrencies, reform of multilateral development banks, international taxation and securing adequate finance to combat climate change are also on the agenda of the meetings.
The Russian finance minister and central bank chief will not be attending the meeting, but will be represented by their deputies. The G20 includes the world’s largest economies and has a rolling presidency. Last year, Indonesia was the host and next year Brazil will take over, followed by South Africa in 2025. India has thus far sought to use its presidency to promote dialogue and diplomacy as a way to resolve conflicts such as the war in Ukraine.