India optimistic of consensus on global tax pact, debt recast
global tax pact, crypto assets, and digital public infrastructure at the two-day meet of G20 finance ministers and central bank governors that began Monday. «There is less acrimony inside the room,» said a person familiar with deliberations. The deliberations are now focussed on knotty issues and efforts are being made to ensure deliverables on key issues for the country's presidency at the meeting.
The first FMCBG meeting in Bengaluru could not issue a joint communique following wide divergences over the language on the Ukraine paragraph from the Bali declaration. The Bali declaration said, «most members strongly condemned the war.» It called for an immediate end to the conflict, echoing the statement by Prime Minister Narendra Modi's that «today's era must not be of war,» made at Samarkand in September when he met Russian President Vladimir Putin. China and Russia had pressed for dilution of the language that was opposed by G7 members.
Hectic deliberations are underway to ensure that an agreement can be thrashed out and a communique put out instead of the chair's summary of the deliberations on the lines of Bengaluru. Another option that could be considered is an outcome document if wide divergences emerge on some issues and consensus is reached on others. Discussions seek a breakthrough in debt resolution to ensure it can be done at a faster pace.
«There is agreement that countries facing debt are not getting timely help and something needs to be expeditiously,» said another person. China that has large bilateral debt has expressed certain reservations on the contours of the resolution framework being proposed under which it may have to disclose the conditions on which lending was made and take a haircut. Finance
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