banking service chronicle published this article page no 5 Geopolitical tensions - Geopolitical tensions spurred by strategic competition between China and the United States have increasingly threatened cooperation within the group. Countries are turning to international lenders for bailouts - The G20 introduced a common framework for debt treatment ahead of its 2020 summit but only three countries—Chad Ethiopia and Zambia—have requested debt relief under the framework. Others have gone towards organisations like IMF. Friction regarding climate change - China India Russia and Saudi Arabia reportedly blocked an agreement on phasing out coal use and fossil fuel subsidies at a July 2021 meeting of environment ministers. Also following the invasion of Ukraine Germany and other G20 countries have reneged on previous promises to stop financing fossil fuel projects overseas. Way forward Revised theoretical framework of macro and microeconomics – G20 members need to incorporate lessons from the recent crisis to advocate policy actions based on economic theory that needs revision. Avoiding Internal Fracturing - Collective action and problem solving should be encouraged that transcends traditionally like-minded groups of countries. Indias G -20 Presidency banking service chronicle magazine subscription
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