Problems of underdeveloped countries raised at G20 FMCBGs meet: Minister Mahat

KATHMANDU: Finance Minister Prakash Sharan Mahat said the meeting of finance chiefs and central bank governors of the Group of 20 leading economies was significant to inform the international community about problems and challenges being faced by low- and middle-income countries. Minister Mahat returned home on Wednesday after attending G-20’s third Finance Ministers and Central Bank Governors (FMCBGs) meeting held in Gujarat, India. Talking to mediapersons upon his arrival at Tribhuvan International Airport, Minister Mahat said, "It was a significant opportunity to mention problems being faced by the underdeveloped countries in the meeting. Key global challenges like climate change and others surfaced with the use of information technology, and management of digital transactions were raised in the meeting, he explained. The finance minister further said the views on how the digital transaction and tax-related issues could be managed were put forth in the meeting. The G-20 nations also showed interest in the issues of low economic growth rates and decreasing loan flow seen across the globe, he shared and opined that significant meetings were held with development partners and donor agencies during his India visit. He shared, "We held discussions with donor agencies such as World Bank, Asian Development Bank, among others. We also held bilateral meetings with the finance ministers of India and China and discussed bilateral investment and trade. There was an eventful meeting with India's private sector entrepreneurs regarding investment in Nepal." Minister Mahat said that he had briefed the international community about climate change and how Nepal was bearing with the loss and damages emanating from the climate crisis. Furthermore, he also raised the issue of how developed countries could contribute towards minimising the climate crisis in countries like Nepal. "We floated issues on how the scope of international cooperation for sustainable development could be enhanced and the impact of inflation in the international market could be reduced on the people's lives," he said. G-20 nations such as China, Japan, the United States and France among others as well as international organisations such as World Bank, International Monetary Fund, Asian Infrastructure Investment Bank and the like participated in the conference. A wide range of issues such as world economy and world health, sustainable finance and infrastructure development, international financial scenario, international tax system, financial inclusion among others were discussed in various sessions, Minister Mahat shared. Similarly, topics relating to cooperation on the management of public debt, regulation and monitoring of cryptocurrency transactions and optimising technology in public infrastructures among others were also deliberated in the meeting. READ ALSO:

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