G20 finance chiefs fail to reach consensus on debt relief for poorer nations

Finance chiefs from an assembly of the world’s largest advanced and emerging economies have failed to reach a consensus over a framework that could be applied to restructuring the debt of distressed poorer nations.

Representatives of the Group of 20 nations had “very intense discussions on global debt vulnerabilities” during a two-day confab in Gandhinagar, India, according to Indian Finance Minister Nirmala Sitharaman.

Sitharaman said in a news conference wrapping up the negotiations Tuesday that the debt issue remains a “priority” area for the G20 this year, with leaders scheduled to gather at a September summit.

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