India’s Modi asks G20 finance heads to focus on ‘most vulnerable’
Al JazeeraFinancial viability of many countries is being threatened by unsustainable debt, Indian PM says, as two-day G20 meeting begins in Bengaluru. Policymakers of the Group of 20 leading economies should focus on helping the world’s most vulnerable people, India’s Prime Minister Narendra Modi has said as top-level financial talks kick off near the Indian technology hub of Bengaluru. “You represent the leadership of global finance and economy at a time when the world is facing serious economic difficulties,” Modi said on Friday in a video address to the finance ministers, central bank governors and other leaders attending the two-day meeting at the Nandi Hills resort on the outskirts of Bengaluru. As countries deal with a slew of challenges in the aftermath of the pandemic, including unsustainable debt, conflict, inflation and eroding trust in international financial institutions, Modi said, “I urge you to focus on the most vulnerable people in the world.” The meetings in Bengaluru are due to touch on a wide range of issues including digital currencies and payments, reform of institutions like the World Bank, climate change and financial inclusion. Last week, United Nations Secretary-General Antonio Guterres called on G20 countries to agree on a $500bn annual stimulus for its sustainable development agenda that could “cushion the impacts of current global crises on the Global South”.