Last updated: Feb 03, 2023 5:22 PM IST

Finance Minister Nirmala Sitharaman gave an exclusive interview to Network18 Editor-in-Chief Rahul Joshi. (Image: News18)

In an interview with Network18 Group Editor-in-Chief Rahul Joshi, Finance Minister Nirmala Sitharaman said that the global debt situation, the leverage of existing funds and multilateral institutions, and their reforms will be discussed with G20 finance ministers and central bank governors this month. in Bangalore

The creation of a global SOP (standard operating procedure) for regulating crypto assets will be one of the key topics of the upcoming meeting with the G20 countries, Finance Minister Nirmala Sitharaman told Network18 Group Editor-in-Chief Rahul Joshi in an exclusive interview on Friday.

“We will be reviewing a global SOP that will be available and agreed to regulate cryptoassets, recognizing the central bank as the issuing authority for cryptocurrencies,” Sitharaman said.

Later this month, Sitharaman will meet G20 finance ministers and central bank governors in Bangalore where she will discuss the world’s debt situation by having more effective leverage over existing funds and multilateral financial institutions such as the IMF and the World Bank and their reforms. . “The agenda is very well defined. We will focus on debt servicing and financing,” she said.

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Cryptocurrency was first mentioned in the Economic Review on January 31, but this was mainly done to highlight the risks and volatility in this sector.

Sitharaman also pointed to middle-income countries that are suddenly caught in “cruel” debt traps, and India will make sure that international organizations have “enough funds” to help such countries.

Sri Lanka is currently experiencing the worst financial crisis since independence in 1948, accompanied by rising inflation, recession and currency depreciation.

In the 2023 union budget, the government has allocated more than Rs 990 crore for India’s G20 Presidency, culminating in the G20 summit in New Delhi this September.

The government also increased capital spending by 7% from Rs 1,416.23 crore in FY 2022-2023 to Rs 1,520.21 crore in FY 2023-24.

The Ministry of Foreign Affairs (MEA) was allocated a total of Rs 18,050 crore in the 2023 budget, up 4.64% from Rs 17,250 crore last year.

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Under India’s ‘neighbourhood first’ policy, the largest share of the aid portfolio has been given to Bhutan with Rs 2,400 crore, representing 41.04% of MEA’s development aid.

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