Two days of talks under the theme of “One Earth, One Family, One Future” ended without a proper communique due to conflict between policymakers on the Russia-Ukraine war.
The meeting was organized in five sessions discussing Global Economy Health, Sustainable Finance and Infrastructure, International Financial Architecture, International Taxation, and Financial Sector & Financial Inclusion. They focused on the importance of the endorsement of the Multilateral Development Banks (MDBs) global ecosystem.
Furthermore, Global debt vulnerability was another critical area of interest in the group’s discussion and how to treat debt-distressed countries, especially low and middle-income countries. The global debt levels reached an enormous amount of $92 trillion in 2022, according to UNCTAD. The UN Secretary-General highlighted that the African countries are suffering the most saying “On average, African countries pay four times more for borrowing than the United States and eight times more than the wealthiest European economies. A total of 52 countries – almost 40% of the developing world – are in serious debt trouble.”
Many of the G20 leaders criticized Russia's decision to withdraw from a deal that permitted the shipment of grain from Ukraine in a secure manner as worries about an increase in food costs in less developed nations grow as a result of Moscow's action of halting its participation from the United Nations-brokered Black Sea grain deal on Monday. India's Finance Minister, Nirmala Sitharaman commented "Several members condemned it saying that shouldn't have happened... passing through the Black Sea shouldn't have been stopped or suspended,"
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