India, US to push G20 debt treatment plan

The two countries held the ninth India-US Economic and Financial Partnership dialogue here on Friday.

FPJ Web DeskUpdated: Saturday, November 12, 2022, 03:54 PM IST
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India and the US decided to step up efforts to implement the G20 Common Framework for Debt Treatment | Image Source: Wikipedia (Representative)

India and the US decided to step up efforts to implement the G20 Common Framework for Debt Treatment in a "predictable, timely, orderly and coordinated manner" and sharing of information to tackle offshore tax evasion as per a report by Economic Times.

The two countries held the ninth India-US Economic and Financial Partnership dialogue here on Friday.

It was attended by US treasury secretary Janet Yellen, India's finance minister Nirmala Sitharaman, Federal Reserve Chair Jerome Powell, and the Reserve Bank of India governor Shaktikanta Das.

Both countries affirmed their commitment to debt sustainability, transparency in bilateral lending, and coordinating closely on extending fair and equal debt treatment to countries facing debt distress, said a joint statement issued after the dialogue.

"We acknowledged the importance of working through MDBs (multilateral development banks) to help India access and mobilize available financing to support development objectives, including climate action," it said.

The two countries urged OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) to conclude work on the Multilateral Convention during the first half of 2023.

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