The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has emphasised the necessity for global economies to harmonise policy actions in order to mitigate the adverse effects of fragmentation, particularly on emerging and developing nations.

A significant event in this regard is the ongoing meeting of the G20 Finance Ministers and Central Bank Governors, being held in Gandhinagar from July 16-18, 2023.

During an interview with CNBC-TV18 on the sidelines of the conference, Georgieva stressed the importance of enhancing the financial capabilities of multilateral development banks (MDB) to fully leverage their potential.

“One key objective for reforms of multilateral development banks is to significantly increase the power of financing with the multilateral banks working as a system and deploying to the fullest their capabilities,” Georgieva said.

Additionally, the G20 leaders will review comprehensive reports presented by institutions such as the Financial Stability Board, OECD, IMF, and Bank for International Settlements. These reports were commissioned earlier this year to provide recommendations on the regulation of cryptocurrencies and crypto assets.

Recognising the importance of regulations for cryptocurrencies, Georgieva urged all stakeholders to collaborate in a synchronised and responsible manner to address the evolving landscape of digital assets.

First Published:Jul 17, 2023 7:45 PM IST