As G20 chair, India has a unique role in addressing global challenges: IMF chief

As the chair of the powerful grouping of G20 countries next year, India has a unique role to play to overcome global challenges by reaching out to different parts of the world using its long tradition of being inclusive and open to collaborate with all countries, the head of the International Monetary Fund (IMF) said on Thursday.

IMF Managing Director Kristalina Georgieva made the remarks at a joint news conference with Nadia Calviño, Chair, the International Monetary and Finance Committee of the IMF.

"They (India) have a unique role to play to overcome challenges by reaching out to different parts of the world using India's long tradition of being inclusive and open to collaborate with all countries,” she said.

"There is a particular task for India that we at the IMF are keen to see action on, and it is the 16th General Review of Quotas. During the meeting today, almost everybody said it has to be completed successfully, and I have confidence in India's G20 Presidency to help Nadia to achieve that objective,” she said in response to a question.

India is scheduled to be the chair of the G20 countries, a powerful intergovernmental forum comprising 19 countries and the European Union (EU). The countries are Australia, Canada, Saudi Arabia, United States, India, Russia, South Africa, Turkey, Argentina, Brazil, Mexico, France, Germany, Italy, United Kingdom, China, Indonesia, Japan and South Korea.

Indonesia is the current chair of G20.

"It is really by chance but a good sequence that we have two large emerging market economies chairing the G20, one after another at this moment of time. Why? Because what the meeting has demonstrated is anxiety among emerging markets that what has worked for them to pull people out of poverty, to bring dynamism in the economy, and it is straight and global cooperation, may be challenged,” Georgieva said in response to a question.

“In that sense I am confident that India will lead for us to fight to use the G20 as a platform for global cooperation,” she asserted.

Observing that multilateralism is more important than ever, Calvino said the G20, the IMFC, obviously the IMF and all the rest of international fora and institutions play a key role in ensuring coordinated action to respond to global challenges.

“This has been stressed by all members throughout the meeting, and it is particularly important indeed that India can be leading the G20 next year at this very important point in time to address common priorities like climate change, to address also support to the most vulnerable countries, et cetera,” she said.

Watch latest videos by DH here: