Big mistake to make G20 text weaker than Bali Summit, says UK Chancellor Jeremy Hunt

Speaking to CNBC-TV18 Jeremy Hunt, Chancellor of UK said it is a big mistake to make the G20 text weaker than Bali Summit.

He said, “We are very clear that it will be a big mistake to make the text any weaker than it was at the leaders meeting agreed in Bali. I think it's widely understood that on the anniversary of the terrible invasion of Ukraine that would send exactly the wrong signal.”

On G20’s roadmap to tackle recession, Hunt said, “We have a Budget in couple of weeks’ time, we will be doing everything we can to bring down inflation and get us back on a path of growth and that is our plan. And what I think is widely understood here at the G20 is that if we want a healthy global economy, we cannot go back to a world in which small countries worry that they might just be invaded by bigger countries. That's why we need to take the united front against the evil aggression by Russia in Ukraine and stand foursquare behind the Ukrainian people.”

Hunt mentioned that he is confident that BBC India matter will be resolved quickly.

Speaking from the sidelines of G20, Rhee Chang Yong, Guv, The Bank of Korea said expedition of the debt restructuring schemes such as the common framework to help the developing countries, plus IMF quota reform to help global economies is very important. If there is consensus on these in G20 that would be great news.

On the global economy Yong said, “Still the inflation is very high, so clear communication among the major central bank, major countries fiscal policy, clear communication and collaboration among themselves is very important to avoid a sudden moves.”

Sustaining growth will be a challenge for Europe in the current geopolitical environment. But a recession is not a threat at this point. That's the word coming in from Italy's central bank governor.

Bruno Le Maire, Finance Minister of France spoke to CNBC-TV18 and said that any dilution of the G20 Bali text on Ukraine will not be acceptable to the G7. He also spoke about the need to implement a common framework on debt resolution to help countries like Zambia and Sri Lanka and the need to reform and strengthen multilateral development banks.