G20 under India can make concrete progress in debt relief, crypto, climate finance: Gita Gopinath

G20, under India’s presidency, can make concrete progress on three critical areas: debt relief, regulations of cryptocurrency and climate finance, International Monetary Fund’s First Deputy Managing Director Gita Gopinath said.

Gopinath, who is in India to participate in deliberations held as part of G20, explained the three areas in a video posted on Twitter.

“We have a large number of low-income countries that are in debt distress. While we have the G20 common framework to help with debt resolution, we absolutely need to improve the strength of the mechanism and to get much more timely resolution,” she said.

Throwing light on the recent crypto meltdown, she said it was clear that internationally agreed standards of regulations had become necessary.

“Progress on that front being able to accomplish that in 2023 would be a concrete outcome,” she said.

On climate finance, Gopinath said, “To have developing countries adapt to climate change, to contribute to climate mitigation, they will need much higher financing. And that's a third area where concrete progress can be made.”