Washington: Union Finance Minister Nirmala Sitharaman has strongly called for timely debt restructuring as a solution to the global debt crisis stating that it is closely intertwined with addressing the global poverty challenge.
Sitharaman said this on the first day of the second G20 Finance Ministers and Central Bank Governors meeting held in Washington DC, which she co-chaired with Reserve Bank of India’s Governor Shaktikanta Das. Sitharaman further noted that the crisis adversely affects the most indebted countries as they also house the poorest people, according to tweets posted by the Ministry of finance.
Day 1 of the second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Indian presidency witnessed Session 1 on Global Economy and International Financial Architecture held under the ambit of Spring Meetings 2023 of the International Monetary Fund (IMF) and World Bank (WB).
The FMCBG meeting also discussed key challenges to the Global Economic Outlook and explored possible areas of policy coordination on pressing global issues, besides exchanging views on accelerating progress on deliverables envisioned during G20India Presidency.
Sitharaman discussed the progress on the agenda of strengthening multilateral development banks (MDBs) including hearing from MDBs on the implementation of recommendations of Capital Adequacy Framework Review Panel and sought G20 member’s views on the way forward of the expert group on strengthening MDBs set up by G20 India Presidency, according to the finance ministry.
Speaking about Global Sovereign Debt Roundtable during the meeting, FM Sitharaman also emphasised India’s commitment as part of G20 India’s Presidency to all global efforts to address the growing debt vulnerabilities and welcomed the partnerships from International Monetary Fund (IMF) and World Bank (WB) to advance this agenda.