Modi urged G20 financial leaders to focus on ‘most vulnerable’

BENGALORE, India (AP) — G20 policymakers should focus on helping the world’s most vulnerable people, Prime Minister Narendra Modi said Friday as top-level financial talks began at India’s technology hub Bangalore.

“You represent the leadership of global finance and the economy at a time when the world is facing severe economic challenges,” Modi said in a video message to finance ministers, central bank governors and other leaders attending the meetings that ended on Saturday.

“You, the custodians of the leading economies and market systems, must return stability, confidence and growth to the global economy,” he said.

As countries grapple with a myriad of post-pandemic challenges, including unsustainable debt, conflict, inflation and erosion of confidence in international financial institutions, Modi said: “I urge you to focus on the most vulnerable people in the world.”

The meetings in Bangalore should cover a wide range of issues, including digital currencies and payments, the reform of institutions such as the World Bank, climate change and financial inclusion.

Numerous meetings between various leaders were also scheduled, including talks between US and UK officials and meetings between Indian Finance Minister Nirmala Sitharaman and her French and Brazilian counterparts.

As is usually the case, broader issues such as the war in Ukraine overshadow the talks.

On Thursday, US Treasury Secretary Janet Yellen confirmed she would push for tougher sanctions against Russia for its invasion of Ukraine and stricter enforcement of restrictions designed to thwart Moscow’s military efforts.

G-20 meetings give leaders an opportunity to think about how to coordinate their policies: many central banks, including the US Federal Reserve, are raising interest rates sharply to try to rein in years of inflation driven by various factors, including war and a recovery in demand for travel, goods and services after the COVID-19 pandemic.

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As income growth lags far behind, rising food, housing, fuel and fertilizer prices are taking a heavy toll, especially on the poor and in developing countries, where debt burdens have skyrocketed both nationally and at the household level.

As host of the G-20 this year, India is taking the opportunity to showcase its rise as an economic powerhouse.

Modi suggested the meeting could “draw hope from the vibrant Indian economy” which is projected to grow at more than 6% a year this year, making it one of the fastest growing in the world. He also pointed to digital payments in the country. technology as a role model.

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