G20 finance officials to discuss debt, funding to low-income countries in India

Top economic policymakers from the Group of 20 (G20) will gather in India next week to discuss ways to boost lending to developing countries from multilateral institutions and to reform the international debt system, Reuters cited unnamed Indian officials.

The meeting of the finance ministers and central bank governors the major economies will also address a global agreement on taxing big corporations with cross-border operations, while the Russian war in Ukraine was also likely to be on the agenda, during the meeting to be held on July 17-18 in Gandhinagar, the capital of the western state of Gujarat, to pave the way for a leaders summit in New Delhi in September.

Expected attendees include U.S. Treasury Secretary Janet Yellen, the World Bank’s new President Ajay Banga, the IMF’s Managing Director Kristalina Georgieva, as well as senior treasury officials from Russia and China are also likely to attend, according to two Indian officials who spoke on condition of anonymity.

The group is likely to discuss a “significant” increase in annual loans to developing countries from multilateral institutions as recommended by an independent panel led by Lawrence Summers formed in March, said one of the Indian officials. The goal is to help low-income countries manage their debt burdens and free up funding for climate financing.

India will try to keep the focus of member nations on discussing economic issues of debt and other matters and not push for any consensus on Ukraine war, another Indian official said.