G20 calls for global support to improve debt situation

Vijay C Roy & Dushyant Singh Pundir

Tribune News Service

Chandigarh, January 31

As the world economy struggles to come out of a pandemic slump, the call for global cooperation was a major item on the agenda of the first International Financial Architecture Working Group two-day meeting of G20 which concluded today in Chandigarh.

The meeting was co-chaired by France and South Korea. The Indian presidency was represented in the meeting by the Department of Economic Affairs, Ministry of Finance and the RBI.

“The G20 members discussed ways to improve the debt situation as not only poor countries but also middle-income countries are grappling with. The members also discussed the mechanism to deal with debt burden of poor and middle income countries,” said Anu P Mathai, Adviser, Ministry of Finance, while addressing the media.

Further, the meeting deliberated on the ways to address implementation challenges associated with the G20 Common Framework for debt treatments beyond Debt Service Suspension Initiative (DSSI), given the worsening debt situation.