NEW DELHI : G20 finance and central bank chiefs meet in India next week at the first-year anniversary of Russia's invasion of Ukraine to discuss rising debt troubles among developing countries, the regulation of cryptocurrencies and the global slowdown.
It is drafting a proposal for G20 countries to help debtor nations badly hit by the economic impact from the pandemic and the Ukraine war, by asking big lenders including China to take a large haircut on loans, Reuters reported on Wednesday. The World Bank said in December the world's poorest countries owed $62 billion in annual debt service to bilateral creditors, a year-on-year increase of 35 per cent, triggering a higher risk of defaults. Two-thirds of the debt burden is owed to China, the world's largest sovereign creditor.