India’s G20 Presidency has walked the talk: Nirmala Sitharaman

New Delhi [India]:  India’s G20 Presidency has walked the talk, Finance Minister Nirmala Sitharaman said on Saturday, noting that India’s concerns of Global South and emphasis on human-centric globalisation have found a resonance and recognition.

“We assumed the presidency at a challenging time of geo-political tensions…Today I can confidently state that the Indian G-20 Presidency has walked the talk,” she said at a joint press conference after the G20 declaration was adopted on the first day of two-day summit.

In the declaration, the G20 countries said they re-emphasise the importance of addressing debt vulnerabilities in low and middleincome countries in an effective, comprehensive and systematic manner.

“We continue to stand by all the commitments made in the Common Framework for Debt Treatments beyond the DSSI, including those in the second and final paragraphs, as agreed on November 13, 2020, and step up the implementation of the Common Framework in a predictable, timely, orderly and coordinated manner.

To this end, we call for continued discussion on policy-related issues linked to the implementation of the Common Framework for making appropriate recommendations.

We welcome the recent agreement between the Government of Zambia and the official creditor committee on debt treatment and look forward to a swift resolution,” the declaration said.

“We welcome the formation of the official creditor committee for Ghana and look forward to an agreement on a debt treatment as soon as possible. We also call for a swift conclusion of the debt treatment for Ethiopia.

Beyond the Common Framework, we welcome all efforts for timely resolution of the debt situation of Sri Lanka, including the formation of the official 22 Zero Draft creditor committee, and we call for the resolution as soon as possible,” it added.

The G20 countries welcomed the efforts of private sector lenders who have already contributed data to the joint Institute of International Finance (IIF)/OECD Data Repository Portal and continue to encourage others to also contribute on a voluntary basis.

“We encourage the efforts of the Global Sovereign Debt Roundtable (GSDR) participants to strengthen communication and foster a common understanding among key stakeholders, both within and outside the Common Framework, for facilitating effective debt treatments.

We welcome joint efforts by all stakeholders, including private creditors, to continue working towards enhancing debt transparency. We note the results of the voluntary stocktaking exercise of data sharing with International Financial Institutions,” the declaration said.