THE TWO-DAY MEETING of Finance Ministers and Central Bank Governors of the G20 countries concluded here on Tuesday, endorsing a road map for enhanced lending capabilities of multilateral development banks (MDBs), the need to address debt vulnerabilities and a coordinated risk-based regulatory framework for cryptos.
However, the deliberations could not produce a joint communique, given the differences between the G7 segment and Russia on how to describe the Ukraine conflict. "Chair statement (rather than joint communique) is because we still don't have a common language on the Russia-Ukraine war. Our position since February (Bengaluru FMCBG) has been that we derive the statement from Bali leaders' statement," Union finance minister Nirmala Sitharaman said.
Another issue, where no consensus could be reached was global food and energy prices. Several G20 members condemned Russia for quitting the Black Sea grain deal that allowed the safe export of grain from Ukraine.
As for the implementation of the OECD/G20 two-pillar international tax package, the G20 ministers welcomed the text of the convention that prescribes reallocation of MNCs' profits to jurisdictions they operate, and the "significant progress" of work to simplify tax administration.
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