G20 states need to bring back stability, growth to global economy – Indian Prime Minister

Addis Ababa, February 24, 2023 (FBC) – The world has faced serious challenges and G20 states have to bring back stability, confidence and growth to the global economy, Indian Prime Minister Narendra Modi said on Friday.

“Trust in international financial institutions has eroded. This is partly because they have been slowly reformed themselves. It is now up to you, the custodians of the leading economies and monetary systems in the world, to bring back stability, confidence and growth to the global economy. It is not an easy task. However, I hope that you will draw inspiration from the vibrancy of the Indian economy,” Modi said in his video address to participants of the G20 finance ministers’ and central bank governors’ meeting.

The G20 countries need to jointly work on strengthening multilateral development banks to resolve global issues, including climate change and high levels of public debt, the Indian leader stated.

Modi also urged the G20 ministers to create an inclusive agenda focusing on vulnerable groups of people to ensure that the global economic leadership wins back the confidence of the world.

“The theme of our G20 presidency also promotes this inclusive vision,” the prime minister added.

India assumed the presidency of the G20 on December 1 and will hold it until November 30, 2023, with around 200 meetings of the group at different levels expected to take place throughout 2023, Sputnik reported.

The main event during the Indian presidency, the G20 summit, is scheduled to take place in New Delhi from September 9-10, 2023.