G20 divided on debt, united on private crypto ban

The Group of 20 (G20) nations have some disa­greements over restructuring debt for distressed economies, the chief of the International Monetary Fund (IMF) said on Saturday, adding that ban­ning private cryptocurrencies should be an option.

India’s G20 presidency comes as its South Asian neighbours Sri Lanka, Bangla­desh, and Pakistan are seeking urgent IMF funds due to an economic slowdown caused by the Covid-19 pandemic and the Russia-Ukraine war.

China, the world’s largest bilateral creditor, urged the group of big economies on Fri­day to conduct a fair, objective and in-depth analysis of the causes of global debt issues as clamour grows for lenders to take a large haircut, or accept losses, on loans.