Finance chiefs descend on Asheville for G20
Asheville, Aug 31 (IANS) Finance ministers, central bank governors and business executives from the world’s largest economies have gathered in this Blue Ridge Mountain city for a two-day G20 meeting focused on growth, global economic imbalances, sovereign debt and resilient supply chains.
US Treasury Secretary Scott Bessent and Federal Reserve Chair Kevin Warsh arrived together after flying from Joint Base Andrews. Bessent will host the Finance Ministers and Central Bank Governors meeting on Monday and Tuesday under the United States’ G20 presidency.
Indian Finance Minister Nirmala Sitharaman arrived at Greenville-Spartanburg International Airport in neighbouring South Carolina on Sunday and was received by India’s Ambassador to the United States, Vinay Mohan Kwatra.
Sitharaman will lead the Indian delegation at the meeting and associated discussions over the next two days.
US officials described the theme of the ministerial as taking the G20 “back to basics,” with stronger and more balanced economic growth at the centre of its deliberations.
The US agenda is based on the argument that durable prosperity requires abundant resources, resilient supply chains, market-led innovation, private investment and regulations that allow companies to expand and create jobs.
Officials also presented growth as essential to the economic and national security of democratic countries, including their ability to finance defence and respond to international challenges.
The United States selected Asheville partly to highlight the resilience of western North Carolina after the devastation caused by Hurricane Helene. Officials described Asheville as a comeback city whose recovery reflected the resilience they want to associate with the broader global economy.
The gathering has attracted nearly 300 journalists from the United States and other countries.
The Asheville meeting is bringing business executives and policymakers together to identify practical barriers to investment and economic expansion. Officials said it was the first time the G20 Finance Track had involved private-sector leaders in such a direct manner.
Around 20 business representatives are expected to participate. They include executives from large and community banks, pharmaceutical and medical-technology companies, and industrial enterprises.
Executives associated with JPMorgan Chase, Goldman Sachs, 3M, Eli Lilly, Deere & Co. and Medtronic have been reported among the expected participants.
Sovereign debt will be another major part of the deliberations. The United States wants debt restructuring to become faster, more transparent and more predictable for debtor countries and creditors.
The discussions will examine coordination through the Paris Club, the G20 Common Framework and the Global Sovereign Debt Roundtable.
Global imbalances and practices that distort markets and prevent fair competition could prove among the most difficult issues. Washington has expressed concern about industrial subsidies, excess production and export-oriented economic policies, particularly those associated with China.
Financial literacy, household wealth creation and protection against financial fraud have also been included in the US programme.
Saudi Arabian Finance Minister Mohammed Al-Jadaan, Japanese Finance Minister Satsuki Katayama and Bank of Japan Governor Kazuo Ueda are among the publicly confirmed participants.
Representatives from Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Türkiye, the United Kingdom and the United States are expected to participate.
The European Union and African Union will also be represented, along with international organisations and financial institutions. The US Treasury had not released a complete name-by-name list of participants before the meeting.
Russia has been invited and is likely to participate.
The gathering comes amid trade tensions, elevated energy prices and the economic consequences of the Iran conflict. Washington is expected to use bilateral meetings to encourage other countries to support stronger economic measures against Tehran.
The ministerial follows two days of discussions among G20 finance and central bank deputies. It will contribute to preparations for the G20 leaders’ summit, which President Donald Trump is scheduled to host in Miami in December.
–IANS
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