G20 nations close to sealing DPI, debt, MDB, crypto pacts

The G20 Summit under the Indian presidency will see leaders endorse close to 10 substantial deliverables on the finance track, including a financial inclusion action plan 2024-26 based on the Indian template of digital public infrastructure (DPI); a "risk-proof" global framework for crypto assets; a framework to reform, strengthen and restructure multilateral development banks (MDBs); a country-specific climate assessment and transition plan; and a greater push to meet sustainable development goals (SDGs), two persons familiar with negotiations said.

- Rajeev Jayaswal

Nineteen of the 20 countries, barring China, are also close to an agreement on the management of debt vulnerabilities that have engulfed a range of countries in the Global South, the officials added.

G20 negotiators are also in the final lap of discussions on issues such as the implementation of two-pillar tax framework and capacity-building of countries to navigate it. But the finance track isn't insulated from the geopolitical divide, where Moscow and Beijing have blocked language around the economic implications of the Ukraine war while G7 countries have pushed for it.

Steered by finance minister Nirmala Sitharaman, the G20 Finance Track has held 27 meetings, including four ministerial meetings, across 12 states and two Union territories, hosting over 3,000 delegates.

A person closely involved with the finance track discussions said that the first achievement of the Indian presidency revolves around DPI and financial inclusion, where all members of the group have agreed on a road map - the G20 Financial Inclusion Action Plan 2024-26. The overarching objectives for the period include supporting financial inclusion through policy analysis, recommendations and high-level principles, and by sharing experiences, examples and successful solutions.

G20 members have embraced the three-year mission based on the recognition that financial inclusion plays a crucial role in enabling progress towards achieving sustainable development goals (SDGs).

"This is the legacy of India that will be carried on to other presidencies," the person said, adding that members recognised the "significant role" that DPI played in "financial inclusion, sustainable development and eradication of poverty" in India.