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FM Arun Jaitley, Raghuram Rajan to discuss currency devaluation at G20

The two-day meeting of G20 Finance Ministers and Central Bank Governors starts at Ankara, Turkey's capital, on Friday.

Barun Jha   Ankara     Last Updated: September 4, 2015  | 09:43 IST
Finance Minister Arun Jaitley
Finance Minister Arun Jaitley (Source: Reuters)

The recent shocks in the global economy triggered by the Chinese devaluation of yuan and its economic slowdown are likely to dominate discussions in the two-day meeting of G20 Finance Ministers and Central Bank Governors starting at Ankara, Turkey's capital, on Friday over which India has expressed serious concern.

Finance Minister Arun Jaitley arrived at Ankara on Thursday with India deprecating the recent devaluation of major currencies followed by currency depreciation in a large number of emerging markets raises the risk of competitive devaluations.

The government on Thursday said currency devaluations at a time when the global demand is sluggish is a major threat to stability in the global economy.

It said the attempt here would be to analyse the situation and consider collaborative measures like developing the global safety nets to protect countries from negative spillovers arising from domestic actions.

The Finance Ministers and Central Bankers including RBI Governor Raghuram Rajan of the G20 countries are also likely to discuss over the next two days the issues surrounding the financial market regulations globally.

Progress on a global fight against black money, an issue which is of significant importance to India given the political slugfest over alleged tax evasion through use of various offshore tax havens, will be reviewed.

This would be the third meeting of the G20 Finance Ministers and Central Bank Governors under the Turkish Presidency, to be held during September 4-5, 2015.

The meeting will be attended by the Finance Ministers and Central Bank Governors of the G20 members, invited countries, and the heads and senior representatives of various international organisations such as IMF and World Bank.

G20 Turkey Secretariat said in a statement that the "meeting will provide an important and timely opportunity to make a comprehensive evaluation of the progress on the agenda and Finance Track deliverables to be submitted to G20 Leaders at the Antalya Summit, and discuss actions required to achieve G20's ambitions for this year."

The Antalya Summit in November will be attended by Prime Minister Narendra Modi along with other top global leaders.

(PTI)

 

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