India greatly sensitive to debt ridden Sri Lanka’s needs: PM Modi
By: Staff Writer
Colombo (LNW): Indian Prime Minister Narendra Modi says India has been greatly sensitive to Sri Lanka’s needs.He also said that Sri Lanka is a “valued neighbour” of India.
“We have also been greatly sensitive to the needs of our valued neighbour, Sri Lanka, during their tough times,” Modi said in an interview with PTI.
Modi called the global debt crisis a matter of great concern for the world, especially for developing countries.
The Indian PM said that India hopes to build consensus at the upcoming G20 summit, to be hosted in New Delhi, to create a framework to help low-income economies ridden by debt.
The PM said that India’s G20 presidency has helped highlight the need to address the global challenges posed by the debt crisis facing the world, especially for countries in the Global South, during an exclusive interview to PTI.
India has used it’s G20 presidency to highlight the need to build a framework on debt restructuring to aid nations facing huge debt issues.
Further, to take ahead debt restructuring efforts at the global level, the Global Sovereign Debt Roundtable was launched earlier this year. The roundtable is a joint initiative of the IMF, World Bank, and the G20 Presidency.
He mentioned that G20 finance ministers and central financial institution governors have acknowledged the nice progress in debt decision.
The Indian Premier noted that G-20 countries now have additionally been very delicate to the wants of our valued neighbor Sri Lanka throughout troublesome occasions.
He noyed that the ‘International Sovereign Debt Roundtable’, a joint initiative of the Worldwide Financial Fund (IMF), the World Financial institution and the G20 presidency, was launched this 12 months to speed up world debt restructuring efforts.
It will strengthen communication between key stakeholders and assist sort out the debt disaster successfully. Modi expressed hope that rising consciousness amongst individuals of various international locations on this downside will be sure that such conditions don’t come up many times.
Forward of the G20 summit, the Prime Minister mentioned that, nonetheless, so much is being executed to handle these points, and ge is positive that rising consciousness amongst individuals of varied international locations will be sure that such conditions don’t come up many times.
IMF chief Kristalina Georgieva in July advocated a sooner debt restructuring course of for weak international locations. India as the present chair of G20 is internet hosting the summit on 9-10 September.