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World Bank calls for new ways to address ‘debt crisis’

World Bank chief economist Indermit Gill is calling for new approaches to address the mounting debt crisis facing many countries, including steps to factor domestic borrowing into assessment of a country’s debt sustainability. Gill told Reuters the Common Framework set up by the Group of 20 major economies to help the poorest countries had resulted […]

G20 fails to reach consensus on Russia and Ukraine war

G20 finance chiefs have been unable to reach a consensus on describing the war in Ukraine and are likely to end a meeting in India on Saturday without a joint communique, delegates said. The United States and its allies in the G7 group of nations have been adamant in demands that the communique squarely condemn […]

Inflation and debt crisis pose biggest threats for G20 countries

Runaway inflation, an unfolding debt crisis and cost-of-living problems pose the biggest threats to doing business for G20 countries in the next two years, data from the World Economic Forum showed on Monday. Inflation has surged to levels not seen in several decades, prompting a third of G20 countries to identify rising prices as their […]

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Russia attends G20 meeting set to be dominated by Ukraine conflict

Russian Foreign Minister Sergei Lavrov has flown into Indonesia’s resort island of Bali for a meeting of G20 foreign ministers, which is set to be overshadowed by tensions triggered by the Russia-Ukraine conflict. The G20 gathering runs until Friday in host country Indonesia, which this year has grappled with the balancing act of running a […]

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Cost-of-living crisis driving surge in extreme poverty, says UN

The global cost-of-living crisis is pushing an additional 71 million people in the world’s poorest countries into extreme poverty, a new report published by the UN Development Programme (UNDP) on Thursday has warned. Achim Steiner, UNDP administrator, said an analysis of 159 developing countries showed that the surge in key commodity prices this year was […]

Regulators call for external checks on bank climate data

Regulators could force banks and other financial firms to hire external auditors to check on the accuracy of their climate data, the Financial Stability Board said in a report on Friday. Financial firms are being required to spell out how climate change is affecting their business as part of government efforts to meet net-zero economy […]