India To Take G20 Presidency:
India would be taking over the Group of Twenty (G20) presidency at “a time when there are so many challenges”, the Finance Minister said.
- The Common Framework: 2020 G20 initiative for debt sustainability, was not performing as much as expected, she said.
- Monetary tightening in the U.S.: It has created interest rate differentials between the U.S. and other countries
- It is the primary reason for Asian currencies depreciating “quite sharply”, the IMF’s Asia and Pacific Department said.
- The G20 is an informal group of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.
- The G20 Presidency rotates annually: according to a system that ensures a regional balance over time.
- For the selection of the presidency: 19 countries are divided into 5 groups, each having no more than 4 countries.
- The presidency rotates between each group.
- Every year the G20 selects a country from another group to be president.
- India is in Group 2 which also has Russia, South Africa, and Turkey.
- The G20 does not have a permanent secretariat or Headquarters.