World Bank chief warns of rising disparities at G20 Meet, urges equitable solutions for developing nations

The President of the World Bank, Ajay Banga, addressed G20 finance ministers, expressing concern over increasing inequalities between wealthy and poorer nations.

Amidst the backdrop of the Covid-19 pandemic, the Ukraine conflict, and climate change impacts, Banga emphasized the need for equitable resource distribution, investment in education, and job creation for young people in developing nations.

The meeting also focused on debt restructuring, cryptocurrency regulations, and tax revenues from multinational corporations, under the theme of 'One Earth, One Family, One Future.'

As tensions and economic challenges persist, G20 leaders discussed measures to promote sustainable and inclusive growth while addressing global issues that impact the well-being of people and the planet. The ongoing war in Ukraine was also a significant concern among attendees, with leaders recognizing its detrimental effects on the global economy.

Under India's presidency, the G20 emphasized capacity building to support international taxation efforts, aiming to reallocate multinational companies' profits and establish a global minimum tax rate.

Central banks reaffirmed their commitment to achieving price stability and maintaining policy credibility, highlighting the importance of central bank independence.