MUMBAI: Finance Minister Nirmala Sitharaman has urged wealthy nations to collaborate on a global scale to assist developing countries in managing their debt burdens. She made this call during an online session of the G20, which was organized by the finance ministry and the Reserve Bank of India. The session aimed to prepare for the upcoming G20 summit in New Delhi next month. Sitharaman highlighted that the prevailing challenge to multilateralism is substantial and unprecedented, emphasizing that such immense challenges have not been witnessed in recent times.

Sitharaman emphasized that despite geopolitical disparities, New Delhi has remained committed to upholding international cooperation, which lies at the core of the G20's mission and its summit objectives.

During its G20 presidency, India has prioritized the effective management of global debt vulnerabilities, a concern faced by numerous countries today. The Finance Minister stressed the urgency for global collaboration to devise robust strategies for coordinating debt restructuring initiatives. This is particularly vital for economically disadvantaged and vulnerable middle-income nations grappling with debt-related strains and susceptibilities. The Minister acknowledged that multilateral financial institutions confront numerous obstacles when striving to formulate viable solutions to these issues.

Sitharaman's plea for united endeavors was underlined by her vision for a more promising future for all. She underscored that the common theme throughout the current G20 agenda is the preparation for a more equitable global future. Throughout its presidency, India has worked diligently to ensure a consensus on various economic matters. Notably, it has concentrated on resolving the challenge of debt overhang faced by several middle-income nations.

Furthermore, there has been a continuous effort to address the predicaments arising from the growing threats to multilateralism, which international lending agencies currently confront. These agencies encounter mounting pressure from both borrowing countries and lending nations to expand their operational scope beyond their primary developmental mandates. In response to this issue, the G20 has established a panel of experts entrusted with the responsibility of formulating sustainable solutions to these multifaceted challenges.

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