Perspective: Global Debt Distress | 13 April, 2023

Sansad TV
Reiterating that addressing the growing debt distress was a priority for India’s G20 presidency, Union Finance Minister Nirmala Sitharaman has emphasised debt transparency, information-sharing, clarity on the comparability of treatment, predictability and timeliness of restructuring process as key principles that should govern the process. Sitharaman made the remarks while co-chairing a meeting of the global sovereign debt roundtable along with the heads of the IMF and World Bank on Wednesday in Washington DC. At least 21 countries are in default or seeking restructuring. Last week, IMF managing director Kristalina Georgieva had said that 15% of low-income countries are already in debt distress; another 45% are vulnerable; and a quarter of emerging economies are at high-risk. A report by UN conference on trade and development says that high interest rates combined with soaring debt levels will add to the crushing effect on developing countries over the coming years to the tune of at least $800 billion. Among its recommendations, UNCTAD says that an urgent focus on the reform of global debt architecture is required to adequately address developing countries’ needs.

1.Jayant Dasgupta, Former Ambassador WTO
2- Dr Rajan Sudesh Ratna, Deputy Head, South and South-West Office, United Nation, ESCAP
3- Dr. Aruna Sharma, Member, Digitisation Committee
4- Dilip Chenoy, Chairman, Bharat Web3 Association (BWA)
5- Dhanendra Kumar, Former Executive Director for India in the World Bank

Anchor: Vishal Dahiya
Producer:- Pardeep Kumar
Production :- Surender Sharma
Guest Team- Vishwa Pratap Singh, Anshuman
Research- Balbir Singh Gulati
PCR TEAM- Ranpal Singh, Sanjeev Gupta, Durgesh Singh

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