Gandhinagar: Finance ministers and central bank heads from the Group of 20 major economies ended their two-day meeting in the western Indian city of Gandhinagar on Tuesday.

The G-20 officials discussed ways to ensure stable global growth as interest rate increases in the United States and Europe to tame inflation are exacerbating debt problems in developing nations.

The officials have not been able to adopt a joint statement at five consecutive meetings since Russia’s invasion of Ukraine in February last year. Many participants, including from Japan, criticized Russia for the aggression during Monday’s talks.

The G-20 officials assessed downward risks to the global economy from rapid rate rises by U.S. and European central banks.

Japanese officials stressed the need to closely monitor the impact on financial markets of continued rate increases around the world.

The G-20 officials discussed debt relief for low- to middle-income nations such as Ghana and Sri Lanka. They also discussed expanding loans by multilateral development banks to tackle poverty and climate change.

JIJI Press