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Business / a year ago
G20 Meeting: Prime Minister Modi Urges Focus on Unsustainable Debt
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The G20 meeting is a crucial opportunity for Prime Minister Modi to urge focus on the world's most vulnerable citizens and to promote global economic growth, helping to ensure that the benefits of economic recovery are shared by all countries.
MUMBAI (Reuters) - Prime Minister Narendra Modi urged the Group of 20 (G20) to focus on the world's most vulnerable citizens, as he warned that the financial viability of many countries is being threatened by unsustainable debt. Speaking in a video message at the beginning of a two-day meeting of G20 finance ministers and central bank governors, Modi said that trust in international financial institutions has eroded, partly because the lenders had been slow to reform themselves. "Food and energy security, access to healthcare, education and digital infrastructure are the most pressing needs of our citizens," Modi said. "We need to focus on these issues, and ensure that our citizens benefit from the global economic recovery." He added that the G20 should also work together to promote global economic growth and ensure that the benefits of economic recovery are shared by all countries. The G20 meeting comes at a time when the global economy is struggling to recover from the effects of the coronavirus pandemic. The International Monetary Fund has warned that the pandemic could push over 100 million people into extreme poverty this year. The G20 meeting is expected to focus on ways to mitigate the impact of the pandemic, including providing debt relief to countries in need. The meeting is also expected to discuss the need to strengthen international financial institutions and the role of the private sector in supporting economic recovery.
posted a year ago

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Original title: Indian PM Modi urges G20 to focus on unsustainable debt

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