AMID LITTLE PROGRESS on talks about debt restructuring of emerging and poor countries, finance minister Nirmala Sitharaman on Monday urged the G20 Finance Ministers and Central Bank Governors (FMCBGs) to coordinate on an international approach to navigate downside risks to growth.
Sources said the response from China has not been encouraging so far in developing a common understanding of debt restructuring of vulnerable countries. India and US continue to push for the timely participation of all bilateral official creditors on pending debt restructuring cases. China is a major creditor to Sri Lanka and many other poor and developing countries which are facing debt distress.
Another issue that will likely divide the G20 nations on how to describe the Russia-Ukraine war. But the discussion on the war has not been acrimonious as was during the previous FMCBG meeting at Bengaluru in February this year.
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