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Mahesh

18/10/22 07:10 AM IST

India takes up G20 presidency

In News 
  • India would be taking over the Group of Twenty (G20) presidency at “a time when there are so many challenges.
Key Challenges 
  • The Common Framework, a 2020 G20 initiative for debt sustainability, was not performing as much as expected and had “inherent handicaps.
  • 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.

About G20 
  • 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.
Source-  The Hindu 

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