During a seminar called ‘Global Economy; Challenges, Opportunities and the Way Forward’, Finance Minister Nirmala Sitharaman stressed the need for the international community to collaborate and develop strategies to address debt restructuring in economically vulnerable low and middle-income nations.
Sitharaman highlighted the escalating debt concerns in economies, emphasizing the risks they pose to sustainable progress and stability. She emphasized that it is crucial for the global community to unite and strengthen coordination on debt restructuring for income and middle-income countries on the verge of debt distress.
This seminar, jointly organized by India’s Finance Ministry and Reserve Bank of India (RBI) aims to delve into the challenges and prospects of the economy. It is worth mentioning that India holds a role in financial discussions as it currently leads as part of the G20 Presidency until November 30 2023.
Sitharaman further emphasized that managing global debt vulnerabilities has been given priority during India’s G20 Presidency. By restructuring the debt and facilitating financial options, the international community can effectively distribute crucial financial resources to countries in debt, thus protecting their vulnerable populations from economic hardships.
Moreover, Sitharaman highlighted the disparities in accessibility to services among marginalized communities and small and medium-sized businesses.