India's G20 presidency receives strong support from all members on all key priorities: Finance Minister Nirmala Sitharaman

India's G20 presidency has received strong support from all members on all key priorities, said Finance Minister Nirmala Sitharaman today at a press conference after the end of financial leaders' meet in Bengaluru. Sitharaman said that G20 members have also reached a consensus on debt language. She said that the G20 members have agreed to address debt vulnerabilities of low income and middle-income countries. She said all the members agreed to provide quick response for debt stress faced by some countries through international institutions.

"Reforming of multilateral banks needed to make them more nimble-footed to meet development needs of developing countries," she added.

Finance Minister also said that the ministers and governors reiterated the need for structural policies to promote macro stability, maintain growth momentum.


Just before the press conference, G20 Chair's Summary and Outcome Document on Finance Ministers and Central Bank Governors Meeting was also released.

In a statement at the end of the meet, India said the statement condemning Russia's war was endorsed by all members except Russia and China. India stuck to the language used in the G20 leaders' declaration in Bali last year on the conflict, adding that it recognised that the bloc was not the forum to resolve security issues, while acknowledging that such issues can have significant consequences for the global economy.

"The peaceful resolution of conflicts, efforts to address crises, as well as diplomacy and dialogue, are vital. Today’s era must not be of war," the statement said.