G20 Summit in India opportunity to act on reforming global financial system amid crushing debt crisis: U.N. chief Guterres
The HinduU.N. Secretary-General Antonio Guterres has said that the G20 Summit to be hosted under India's Presidency provides an opportunity to take action on debt relief and reform the global financial system, as he voiced concern over the "crushing debt crisis" in the world. Mr. Guterres said that because most of these unsustainable debts are concentrated in poor countries, they are not judged to pose a systemic risk to the global financial system. Global public debt reached an all-time high of $92 trillion in 2022, and this five-fold surge in public debt levels since 2000 demands immediate action to tackle the escalating crisis affecting developing countries in particular. Levels of public debt are staggering – and surging," he said, adding that as global public debt reached a record $92 trillion dollars in 2022, developing countries shoulder a disproportionate amount.