No Ukraine mention, PM flags global tension

New Delhi, February 24

Prime Minister Narendra Modi on Friday hoped that G20 would draw inspiration from the vibrancy of the Indian economy and work towards bringing back stability and growth in the world economy. In a video message at the start of the two-day meeting of G20 finance ministers and central bank governors in Bengaluru on Friday, PM Modi called for strengthening multilateral development banks to meet global challenges like climate change and high debt levels.

FM too skips reference

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Western leaders flay Russia

Unlike western leaders, the PM did not mention the Ukraine conflict, though he did talk of rising geopolitical tensions. “We are witnessing rising geopolitical tensions in different parts of the world. There are disruptions in global supply chains. Many societies are suffering due to rising prices,” PM Modi said at the first major ministerial meeting hosted under India’s presidency of the G20.

Supply chain hit

There are disruptions in global supply chains. Many societies are suffering due to rising prices. Narendra Modi, PM

Finance Minister Nirmala Sitharaman highlighted rising debt vulnerabilities in many developing countries and sought views from G20 member nations on “multilateral coordination” for managing the burden.

Speaking at the inaugural session, Sitharaman also sought views on how the IMF and World Bank could be strengthened to address shared global challenges while maintaining a focus on sustainable development goals and poverty eradication. Sitharaman too did not mention the Ukraine conflict.

The western leaders were, however, harsh, with US Treasury Secretary Janet Yellen accusing the Russian delegation at the meet of being complicit in Putin’s mission.

In the backdrop, the leaders were engaged in intense discussions on the wording of the joint declaration to be released on Saturday. India, South Africa, Brazil, China, Indonesia, Saudi Arabia and Russia don’t want the G20 to be dragged into sanctioning Moscow nor do they want the text of the declaration to be harsh. Italy’s Economy Minister Giancarlo Giorgetti wanted sanctions introduced by G7 against Russia to be applied by all G20 countries.

At the last G20 Summit in Bali in November 2022, the declaration appeased both sides.