Dealing with crypto assets discussed at G-20 meet, says DPM Wong
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Mr Lawrence Wong (centre) arriving to attend the G-20 Finance Ministers and Central Bank Governors Meeting in Gandhinagar, India, on Tuesday.
PHOTO: AFP
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NEW DELHI – Deputy Prime Minister Lawrence Wong said on Tuesday that scaling up development finance and dealing with crypto assets were among issues discussed at a G-20 Finance Ministers’ and Central Bank Governors’ Meeting (FMCBG) in India, where differences persisted over the war in Ukraine.
Mr Wong, who is also Finance Minister, said such meetings are important for Singapore to discuss topics such as climate finance and global tax rules.
“These few days have given us the opportunity to come together to take a hard look at challenges and how to overcome them – including how to scale up development finance, deal with crypto assets, and strengthen collaboration for the benefit of our peoples,” he wrote in a Facebook post on Tuesday following the conclusion of the third meeting of the FMCBG. The first and second were held in February and April.
Nevertheless, an Outcome Document and Chair’s Summary, released after the meeting in Gandhinagar in Gujarat state, highlighted differences over the Ukraine war.
“Most members strongly condemned the war in Ukraine and stressed that it is causing immense human suffering and exacerbating existing fragilities in the global economy, constraining growth, increasing inflation, disrupting supply chains, heightening energy and food insecurity, and elevating financial stability risks,” the summary said.
But it noted that “there were other views and different assessments of the situation and sanctions”.
The document said Russia dissociated itself from the status of the document, while China said the G-20 FMCBG meeting “is not the right forum to discuss geopolitical issues”.
India, which has the G-20 presidency, has refrained from condemning Russia for the war in Ukraine, instead urging a diplomatic solution. It sought to evolve a consensus at the meeting on other issues like reforms for multilateral banks. Some G-20 members also criticised Russia for quitting the Black Sea grain deal,
Discussions were held on a wide range of issues, including the global economic outlook, risks such as with regard to food and energy, and climate change, said the Indian Ministry of Finance.
Mr Wong in an earlier Facebook post on Monday underlined the importance of the FMCBG meeting for Singapore.
“These meetings are important as it gives Singapore a seat at the table – to engage other international partners and stakeholders on issues of shared interests, like climate finance and global tax rules,” he wrote.
Mr Wong posted a photo on social media of his meeting with IMF managing director Kristalina Georgieva, and said they discussed how the international community can work together to tackle common challenges, like climate change.
PHOTO: LAWRENCE WONG/TWITTER
Over 500 delegates, including finance ministers and central bank governors from G-20 member countries, invitee countries and heads of international organisations participated in the meeting.
On Tuesday, Mr Wong chatted with United States Treasury Secretary Janet Yellen and Finance Minister of China Liu Kun over lunch.
He had bilateral meetings on Monday and Tuesday with Canadian DPM and Minister for Finance Chrystia Freeland, Turkish Minister of Treasury and Finance Mehmet Simsek, and Turkish Central Bank governor Hafize Gaye Erkan.
He also met International Monetary Fund managing director Kristalina Georgieva and Italy’s Minister of Economy and Finance Giancarlo Giorgetti.
During his five-day visit, DPM Wong attended the awards ceremony of the Singapore-India Hackathon, where students and start-ups from both countries competed to come up with innovative solutions for financial inclusion and sustainability. He inaugurated DBS Bank’s banking unit at the Gujarat International Finance Tec-City, India’s first international financial services centre.
Mr Wong’s discussions with the Indian leadership centred on skills training and business links. With Gujarat Chief Minister Bhupendra Patel, he discussed the growing presence of Singapore companies in the state. Another meeting with Minister for Education and Skill Development and Entrepreneurship Dharmendra Pradhan focused on skills training and education.
“Thank you for your hospitality, India,” said Mr Wong in Tuesday’s Facebook post. He returns to Singapore on Wednesday.
