Finance Minister Chrystia Freeland is at the two-day G-20 finance ministers' meeting in India, which is expected to focus on strengthening the global economy and the economic threats posed by climate change.
At the #G20 with the new President of the @WorldBank, Ajay Banga, where we discussed maximizing our resources to support developing countries and the role of multilateral development banks in the reconstruction of Ukraine. The first of many conversations to come. pic.twitter.com/EOQmx51lXE
— Chrystia Freeland (@cafreeland) July 17, 2023
Finance Minister Nirmala Sitharaman says a priority for the G-20 and host India is strengthening global development banks and reaching a consensus on issues associated with rising debt levels in low and middle-income countries.
A productive first meeting at the #G20 with our host @nsitharaman where we discussed 🇨🇦 and 🇮🇳 economic cooperation and trade, reform of multilateral development banks, and the appropriate approach to crypto assets. pic.twitter.com/775MV41w0Q
— Chrystia Freeland (@cafreeland) July 17, 2023
More than half of all low-income countries face debt distress, which hurts their long-term ability to function and develop.
