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Finance Minister Nirmala Sitharaman speaks at the press conference on the outcomes of first meeting of G20 finance ministers and central bank governors under India Presidency in Bengaluru.
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Finance Minister Nirmala Sitharaman: We are looking at India's interests and importing oil from Russia.
On Sri Lanka (debt situation), we can only hope that gets sorted out at the earliest: FM
--With regards to debt, there were issues around transparency of debt and whether multilateral institutions should be part of any debt restructuring. China had a different view.
--Russia and China took a position that finance ministers and central bank governors should not get into geo-political issues.
--There was no request from Russia and China to remove the word 'war' from the summary. They just wanted the two paragraphs to be removed.
--In terms of discussion, there was not much discussion on paragraphs 3 and 4. The two countries took a position, that's it. The most difficult discussion was on debt.
RBI Governor Shaktikanta Das: There was agreement that the issue of G20 needs to be dealt with in the interest of overall financial stability
World Bank said views of developing countries should be included in any regulatory framework for crypto: FM
There is now wide recognition and acceptance of the fact that crypto assets involve great risks to overall financial stability and they need to be looked at. Going forward, there is an effort to develop an international framework for them. The IMF and FSB will work on a synthesis paper. This paper will form the basis of future international architecture on crypto: RBI Governor Shaktikanta Das
Finance Minister Nirmala Sitharaman: Reforming the multilateral development banks is necessary to make them more nimble. We are not reinventing the wheel, but the expert group led by Larry Summers and NK Singh, will see how these institutions can better leverage their funds, be more nimble footed, and what management efficiencies can be brought it.
Russia and China did not want paragraphs 3 and 4 to be in the communique. Which is why we have a Chair's Summary: FM
Context: Paragraphs 3 and 4were adapted from theG20 Bali Leaders' Declaration.
Saudi Arabia came up on its own to help with the macroeconomic consequences of food and energy security: FM
