FM Sitharaman holds bilateral meetings with G-20 ministers

Bengaluru: Finance minister Nirmala Sitharaman on Thursday pitched for a global framework to regulate cryptocurrencies, besides firming up ways to tackle global debt vulnerabilities and strengthening multilateral development banks during bilateral meetings with her counterparts, including from US and Japan, ahead of the G-20 meeting.

The finance ministers of the G20 countries, which is a grouping of developed and developing nations, are here to participate in the two-day meeting of G20 finance ministers and central bank governors (FMCBG) beginning February 24.

Under the G20 Presidency, India will be pressing for a global framework to regulate the cryptocurrencies, ways to tackle the aggravated debt vulnerabilities facing the developing nations mainly on account of the continuing geopolitical tensions and the

pandemic.

It is feared that if left unaddressed, the mounting debt vulnerabilities of developing nations could trigger global recession and push millions to extreme poverty.

The minister so far has held separate bilateral meetings with the US Treasury Secretary Janet Yellen, Finance Minister of Japan Shunichi Suzuki, and Italian Minister of Economy and Finance Giancarlo Giorgetti ahead of the G-20 FMCBG meeting. She is scheduled to have more than 10 such meetings. In her meeting with Yellen, the Finance Minister discussed issues relating to crypto assets, strengthening multilateral development banks (MDBs) and global debt

vulnerabilities.

In a separate tweet on Sitharaman’s meeting with her Japanese counterpart, the finance ministry said the ministers exchanged views on priorities under G20 Finance Track 2023.

“Both Ministers looked forward to close cooperation between Japan as #G7 Presidency and India as #G20 Presidency on strengthening of #MDBs, #debt related issues, financing cities of tomorrow and coordinated policy for #CryptoAssets,” it said.

On her meeting with the Italian minister, the finance ministry said the Italian finance minister extended his full support for a successful G20 India Presidency in 2023.