G20’s response to debt distress: The case of Sri Lanka
1 year, 5 months ago

G20’s response to debt distress: The case of Sri Lanka

Hindustan Times  

With new challenges and changes in the world order, countries across the globe are embracing new partnerships and risky engagements to fuel their economic growth. The economic crisis in Sri Lanka illustrates this challenge of debt sustainability and management among middle-income countries. This brief uses the economic crisis in Sri Lanka as a case in point to highlight the following challenges: The China-led alternative financial system has severe implications for middle-income countries, and the G20 grouping and countries lack a coherent approach to deal with the piling debt burdens of middle-income nations. This brief recommends the G20 grouping and countries to promote multilateral reforms, transparency, and swift response, as well as extend new initiatives to help middle-income countries address increasing debt burdens. As risks of unsustainable borrowing amongst the middle-income nations persists at large, this brief uses the crisis in Sri Lanka as a case in point to outline the following challenges.

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History of this topic

Sri Lanka's ambitious governance and macro-linked bonds | Explained
6 days, 21 hours ago

Sri Lanka's ambitious governance and macro-linked bonds | Explained

The Hindu  

Sri Lanka's restructuring of $12.55 billion in international bond debt is set to lead to the launch of a series of new, as-yet-untested instruments linked to economic growth and governance. The governance-linked bond is the first of its kind and is designed to reward Sri Lanka for transparency and effective economic management by reducing the interest on its debt. To …

Sri Lanka To Ink Debt Deals By Year's End: Economic Development Deputy Minister
2 weeks, 4 days ago

Sri Lanka To Ink Debt Deals By Year's End: Economic Development Deputy Minister

Deccan Chronicle  

Colombo: Cash-strapped Sri Lanka vowed Thursday to complete its long-delayed foreign debt restructure within the month before a 2025 budget adhering to strict revenue targets set by the International Monetary Fund. Economic Development Deputy Minister Anil Jayantha Fernando said debt restructuring had been delayed by more than two years, costing the country an additional 1.7 billion dollars in accumulated interest. …

5 things about Sri Lanka's debt swap deal to end first-ever external loan default
3 weeks, 5 days ago

5 things about Sri Lanka's debt swap deal to end first-ever external loan default

Firstpost  

Sri Lanka’s Finance Ministry has called the deal a “milestone” in rebuilding its economy, while President Anura Dissanayake, who took office in September, stressed the importance of this agreement for future stability. Sri Lanka is looking to resolve its first-ever external debt default. AFP Sri Lanka has launched a $12.5 billion debt swap initiative to resolve its first-ever external default …

‘We’ve tried everybody else’: What’s next for Sri Lanka’s turn to the left?
1 month, 1 week ago

‘We’ve tried everybody else’: What’s next for Sri Lanka’s turn to the left?

Al Jazeera  

Can the new leftist president repay debt without forcing austerity on Sri Lankans? Sri Lanka has seen it all: from the 2022 economic collapse, the mass protests that followed and the legacy of a 26-year civil war. As the newly-elected President Anura Kumara Dissanayake pledges to steer the island back on track, can he repay the country’s debt to the …

Sri Lanka’s presidential election a test for current leader, 2 years after its economy hit bottom
3 months ago

Sri Lanka’s presidential election a test for current leader, 2 years after its economy hit bottom

Associated Press  

COLOMBO, Sri Lanka — Two years ago, food cart worker Fathima Shiyama had to wait in line, sometimes for days, to get cooking gas, fuel and other essentials. Fathima Shiyama, 48, prepares local delicacies at home, to be sold later from her food cart, in Colombo, Sri Lanka, Tuesday, Sept. 3, 2024. A man sits next to election posters of …

Sri Lanka will hold presidential election on Sept. 21, its first since declaring bankruptcy in 2022
4 months, 4 weeks ago

Sri Lanka will hold presidential election on Sept. 21, its first since declaring bankruptcy in 2022

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka will hold a presidential election on Sept. 21 that will likely be a test of confidence in President Ranil Wickremesinghe’s efforts to resolve the country’s worst economic crisis. Sri Lanka’s crisis was largely the result of staggering economic mismanagement combined with fallout from the COVID-19 pandemic, which along with 2019 terrorism attacks devastated its …

Sri Lanka inks pacts with OCC, China to restructure debt
5 months, 3 weeks ago

Sri Lanka inks pacts with OCC, China to restructure debt

Hindustan Times  

New Delhi: Sri Lanka on Wednesday signed separate debt restructuring agreements with the Official Creditors Committee, a group co-chaired by India, and China’s Exim Bank, with New Delhi saying it will continue supporting Colombo’s economic recovery through long-term investments. The Official Creditors Committee is co-chaired by India After the International Monetary Fund’s approval of an extended fund facility for Sri …

Sri Lanka reaches deal on debt restructuring with bilateral creditors including China and France
5 months, 3 weeks ago

Sri Lanka reaches deal on debt restructuring with bilateral creditors including China and France

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s President Ranil Wickremesinghe announced a debt restructuring deal with countries including India, France, Japan and China in a televised address to the nation Wednesday. Similarly, we signed another agreement with China’s Exim Bank today in Beijing.. Sri Lanka won,” Wickremesinghe said. Sri Lanka declared bankruptcy in April 2022 and suspended repayments on some $83 …

Sri Lanka finalises debt restructure agreement with official creditor committee
5 months, 3 weeks ago

Sri Lanka finalises debt restructure agreement with official creditor committee

Hindustan Times  

Sri Lanka's government said on Wednesday it has finalised a long-delayed debt restructuring agreement for USD 5.8 billion with its bilateral lenders, including India and China, in Paris to meet a key condition of an IMF bailout. This was announced by President Ranil Wickremesinghe’s office, which said the agreement grants significant debt relief allowing Sri Lanka to allocate funds to …

Sri Lanka seals debt deal with Official Creditor Committee after financial crisis
5 months, 3 weeks ago

Sri Lanka seals debt deal with Official Creditor Committee after financial crisis

The Hindu  

In what it termed a significant milestone, Sri Lanka on Wednesday sealed a deal with the Official Creditor Committee, to restructure the debt owed to its bilateral lenders including India, and signed a separate agreement with China for debt treatment. “Sri Lanka reached a final restructuring agreement for $5.8 billion of debt with its bilateral lenders’ Official Creditor Committee in …

Sri Lanka has made 'strong progress' on debt restructuring front: IMF
6 months, 2 weeks ago

Sri Lanka has made 'strong progress' on debt restructuring front: IMF

The Hindu  

“Sri Lanka’s macroeconomic policy reforms have started to “bear fruit” and the country is expected to reach agreements with external commercial creditors soon,” the IMF has said ahead of the second review of its $2.9 billion bailout programme to the cash-strapped country. Addressing a press conference on June 7, International Monetary Fund Communication Department Director Julie Kozack asserted that Sri …

Why the G-20 ‘Common Framework’ for Debt Relief Isn’t Helping Poor Nations
8 months, 2 weeks ago

Why the G-20 ‘Common Framework’ for Debt Relief Isn’t Helping Poor Nations

Bloomberg  

More than half of the world’s low-income countries are at high risk of debt distress or are already in it, and several have defaulted. But despite the world’s 20 largest economies having agreed in 2020 to a plan called the Common Framework to smooth the process of restructuring loans that governments could no longer afford to service or repay, progress …

Sri Lankan president says he is seeking to defer loan payments until 2028 amid economic crisis
9 months, 2 weeks ago

Sri Lankan president says he is seeking to defer loan payments until 2028 amid economic crisis

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Sri Lanka's president said Wednesday …

Crisis-ridden Sri Lanka’s economic reforms are yielding results, but challenges remain, IMF says
11 months ago

Crisis-ridden Sri Lanka’s economic reforms are yielding results, but challenges remain, IMF says

Associated Press  

COLOMBO, Sri Lanka — Debt-stricken Sri Lanka’s economic reform program is yielding the first signs of recovery, but the improvements still need to translate into improved living conditions for its people, the International Monetary Fund said Friday. “The economic reform program implemented by the Sri Lankan authorities is yielding the first signs of recovery,” said Pete Breuer, the IMF’s senior …

Sri Lanka says debt restructure finalised by April
11 months, 1 week ago

Sri Lanka says debt restructure finalised by April

The Hindu  

Sri Lanka's bankrupt government said Friday that a foreign debt restructure would be finalised by the beginning of April, after signs the economy was emerging from its worst crisis on record. The IMF released a $337-million second tranche of its four-year loan last month after Colombo secured an "in principle" debt agreement with China, Sri Lanka's biggest bilateral lender. Mr. …

The world should stay vigilant over a debt crisis in the Global South
11 months, 3 weeks ago

The world should stay vigilant over a debt crisis in the Global South

Live Mint  

The International Economic Association recently concluded its 20th World Congress in Medellín, Colombia. Building on earlier studies by Jean-Marie Grether and Nicole A. Mathys, as well as his own previous research, Quah illustrated the world economy’s shifting centre of gravity, which he defines as the “average location of economic activity across geographies." Unlike the Great Recession of 2008-09, which was …

Sri Lanka reaches agreement with India, Paris Club on debt treatment
1 year ago

Sri Lanka reaches agreement with India, Paris Club on debt treatment

The Hindu  

Sri Lanka has reached an “agreement in principle” with India and the Paris Club group of creditors including Japan, on a debt treatment plan that will help the crisis-hit island nation tap the next tranche of the International Monetary Fund’s nearly-$3 billion recovery package. “The OCC and Sri Lanka agreed on the main parameters of a debt treatment consistent with …

Sri Lanka says it has reached an agreement with China’s EXIM Bank on debt, clearing IMF funding snag
1 year, 2 months ago

Sri Lanka says it has reached an agreement with China’s EXIM Bank on debt, clearing IMF funding snag

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka says it has reached an agreement with the Exim Bank of China on key terms and principles for restructuring its debt, a key step toward unlocking a second instalment of a $2.9 billion package from International Monetary Fund aimed at rescuing the island nation from a dire economic crisis. The finance ministry said in …

Sri Lanka confirms major debt deal with China
1 year, 2 months ago

Sri Lanka confirms major debt deal with China

The Hindu  

The Sri Lankan government has confirmed that it has concluded a preliminary deal with China on the restructuring of its debts to Beijing, seen as a "big step" in the cash-strapped country's economic recovery. China holds about 52% of Sri Lanka’s $46 billion external credit.” The agreement in principle covers approximately $4.2 billion of outstanding debt, it said adding that …

G20 Summit: ‘We should address the question of debt distress,’ says Sitharaman
1 year, 3 months ago

G20 Summit: ‘We should address the question of debt distress,’ says Sitharaman

Live Mint  

As India is holding its presidency for the G20 Summit, Union Finance Minister Nirmala Sitharaman said that India given the consideration of things and developments across the world, addressing the question of debt distress is a must. Sitharaman said, “Given the consideration of things and the developments across the world, we thought we should address this question of debt distress. …

Reducing debt during crises through multilateral groupings
1 year, 4 months ago

Reducing debt during crises through multilateral groupings

Hindustan Times  

The ongoing global climate crisis has deepened the inequalities between countries, moving the world farther away from achieving the Sustainable Development Goal 10 of reduced inequality. The emission of greenhouse gases by high-income, Global North countries results in costly natural disasters around the world; this pushes lower-income, Global South countries into debt distress, with their scarce resources and debt repayments …

Finance minister calls for concerted global efforts to restructure debt for poor countries
1 year, 4 months ago

Finance minister calls for concerted global efforts to restructure debt for poor countries

India TV News  

Finance Minister Nirmala Sitharaman on Friday called for concerted global efforts led by rich nations to help indebted countries deleverage at a time when multilaterism is the most potent challenge. Addressing online a G20 session, organised by the finance ministry and the Reserve Bank here, ahead of the grouping's summit next month in New Delhi, she said multilaterism faces the …

Increasing G20 cooperation on debt and investment in Africa
1 year, 4 months ago

Increasing G20 cooperation on debt and investment in Africa

Hindustan Times  

Africa’s long-standing and difficult history with international capital can be attributed to a complex set of factors, including historical legacies, structural adjustment programmes and, most recently, Chinese investment. While Africa’s hard-won credit market access had been hailed as the key to boosting the region’s growth and development, countries now face significant challenges in their relationship with international capital, with profound …

Along with Japan and India, China can join debt relief effort for Sri Lanka: Nirmala Sitharaman
1 year, 4 months ago

Along with Japan and India, China can join debt relief effort for Sri Lanka: Nirmala Sitharaman

The Hindu  

As a large creditor to Sri Lanka, China is welcome to join the effort steered by Japan, India and France to help the island nation cope with its debt distress, Finance Minister Nirmala Sitharaman said on Saturday. Terming multilateral development banks’ reforms and debt-relief measures for many stressed economies as the top two finance track priorities for India during its …

G20 finance chiefs meeting in India address global challenges like climate change and rising debt
1 year, 5 months ago

G20 finance chiefs meeting in India address global challenges like climate change and rising debt

Associated Press  

NEW DELHI — Finance ministers from the Group of 20 nations meeting in India on Monday are poised to address critical global economic challenges, including the threats posed by climate change and rising debt among low-income countries. “The world is looking to the G20 to make progress on key challenges like climate change and pandemics as part of our work …

G20 Summit in India opportunity to act on reforming global financial system amid crushing debt crisis: U.N. chief Guterres
1 year, 5 months ago

G20 Summit in India opportunity to act on reforming global financial system amid crushing debt crisis: U.N. chief Guterres

The Hindu  

U.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 …

ECONOMIC PERSPECTIVES | Sri Lankan debt crisis to get worse if IMF prescription is heeded
1 year, 5 months ago

ECONOMIC PERSPECTIVES | Sri Lankan debt crisis to get worse if IMF prescription is heeded

The Hindu  

Published : Jul 13, 2023 11:00 IST - 6 MINS READ On July 1, Sri Lanka’s parliament approved, through a majority 122-62 vote, a plan to restructure the government’s domestic debt, which totalled 15.4 trillion Sri Lankan rupees at the end of March 2023. At that point in time, of the government’s total debt of $86.5 billion, $46.9 billion was …

3.3 billion people live in countries that spend more on debt interest than education, UN says
1 year, 5 months ago

3.3 billion people live in countries that spend more on debt interest than education, UN says

Associated Press  

UNITED NATIONS — Some 3.3 billion people – almost half of humanity – now live in countries that spend more money paying interest on their debts than on education or health, according to a new U.N. report released Wednesday. U.N. Secretary-General Antonio Guterres told a press conference launching the report that because this “crushing debt crisis” is concentrated mostly in …

Is a global debt bomb about to explode?
1 year, 5 months ago

Is a global debt bomb about to explode?

Al Jazeera  

The majority of low-income nations are on the cusp of a debt crisis, sparking fears of global contagion. “Every day we don’t deliver these things that are within our control, we are basically increasing the costs and the damage gets compounded.” The queue of countries seeking debt restructuring like Zambia is only growing. However, economists and debt-management experts say richer …

Sri Lankan Central Bank moots recast of pension funds, haircut on sovereign bonds
1 year, 5 months ago

Sri Lankan Central Bank moots recast of pension funds, haircut on sovereign bonds

The Hindu  

Sri Lanka’s Central Bank has proposed restructuring the beleaguered nation’s debt by recasting the outgo on the country’s pension funds and offering international sovereign bondholders a repayment plan that entails a 30% haircut. Addressing a media briefing in Colombo Thursday morning, Central Bank Governor Nandalal Weerasinghe unveiled the Ranil Wickremesinghe government’s domestic debt restructuring plan that seeks to protect local …

India Continues To Help Sri Lanka Stand Economically, But Colombo’s Love For Beijing Keeps Soaring
1 year, 5 months ago

India Continues To Help Sri Lanka Stand Economically, But Colombo’s Love For Beijing Keeps Soaring

ABP News  

The day was July 9, 2022 when the world witnessed unprecedented developments taking place in Indian Ocean island nation of Sri Lanka even as a large number of protestors stormed the President’s palace in Colombo that eventually led to an unceremonious escape of then President Gotabaya Rajapaksa to Maldives and then to Singapore. During a two-day visit to China, Sri …

Sri Lanka to restructure domestic debt amid challenges
1 year, 5 months ago

Sri Lanka to restructure domestic debt amid challenges

The Hindu  

Sri Lanka will shut down its banks and financial sector for five days beginning Thursday, ahead of an extraordinary weekend debate in Parliament on the government’s plan to restructure its domestic debt. In May, the IMF pointed to “tentative signs of improvement” in Sri Lanka, while underscoring the need for timely restructuring agreements with the island’s creditors ahead of the …

Sri Lanka has no money to hold presidential polls in 2023: Cabinet spokesman
1 year, 6 months ago

Sri Lanka has no money to hold presidential polls in 2023: Cabinet spokesman

Firstpost  

Sri Lanka Cabinet Spokesman Bandula Gunawardena said that no elections would be possible this year as the state finances have not improved Economic crisis hit Sri Lanka will not be holding a snap presidential election this year as the government wants to focus on debt restructuring, said Cabinet Spokesman Bandula Gunawardena. Denying speculations that the government might opt to hold …

IMF says Sri Lanka’s economic recovery shows signs of improvement but challenges remain
1 year, 6 months ago

IMF says Sri Lanka’s economic recovery shows signs of improvement but challenges remain

Associated Press  

COLOMBO, Sri Lanka — Debt-stricken Sri Lanka, which declared bankruptcy last year, is showing signs of economic improvement but its recovery still faces challenges, the International Monetary Fund said Friday. But the economic recovery remains challenging,” said IMF deputy managing director Kenji Okamura after concluding a visit to Sri Lanka, where he met with the country’s top leaders and officials. …

Timely debt restructuring crucial for Sri Lanka, says IMF
1 year, 7 months ago

Timely debt restructuring crucial for Sri Lanka, says IMF

The Hindu  

Sri Lanka is showing “tentative signs of improvement”, the International Monetary Fund has said, while urging the island nation to reach timely restructuring agreements with its creditors, before the Fund’s first scheduled review in September this year. An IMF mission conducted a staff visit to Sri Lanka From May 11 to 23, to review the implementation of the Fund’s programme …

Sri Lanka trying to reduce overall debt by $17 billion, president says
1 year, 7 months ago

Sri Lanka trying to reduce overall debt by $17 billion, president says

Live Mint  

Sri Lanka is trying to reduce its overall debt by $17 billion through restructuring, its president told the parliament on Wednesday as he sought support of opposition parties for a nearly $3 billion International Monetary Fund programme. President Ranil Wickremesinghe also said the country would discuss debt restructuring with India and the Paris Club of creditors on one platform and …

India G20 presidency aims to develop common framework to deal with crypto risks: FM Nirmala Sitharaman
1 year, 8 months ago

India G20 presidency aims to develop common framework to deal with crypto risks: FM Nirmala Sitharaman

The Hindu  

Finance Minister Nirmala Sitharaman has said India’s G20 presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. She also said G20 is trying to bring together all countries to address debt distress in middle-income and low-income nations like Sri Lanka …

Nirmala Sitharaman urges G20 to come together on debt distress of middle-income countries
1 year, 8 months ago

Nirmala Sitharaman urges G20 to come together on debt distress of middle-income countries

The Hindu  

Ahead of the G20 Finance Ministers and Central Bank Governors meeting on April 12 and 13, Finance Minister Nirmala Sitharaman expressed hope that the group could come together to address the debt distress of middle-income countries. While there could be “one or two” issues on which consensus is not possible, the Finance Minister said India’s presidency “is a great opportunity …

Crisis-hit Sri Lanka to see economic contraction in 2023: Report
1 year, 8 months ago

Crisis-hit Sri Lanka to see economic contraction in 2023: Report

Live Mint  

Crisis-hit Sri Lanka is estimated to see a contraction in its economic growth this year, according to Asian Development Bank data. The Washington-based financial body has recently approved a 48-month arrangement under the Extended Fund Facility of about USD 3 billion to support Sri Lanka's economic policies and reforms. The needed reforms, according to the development bank's Asian Development Outlook …

Sri Lanka to opt for domestic debt restructuring post-IMF bailout: Government
1 year, 8 months ago

Sri Lanka to opt for domestic debt restructuring post-IMF bailout: Government

The Hindu  

Cash-strapped Sri Lanka is exploring the options for domestic debt restructuring in the post-IMF bailout scenario to further stabilise its shaken economy, an official statement said on Friday. Explained | Understanding IMF bailouts In a statement issued by the Sri Lankan government after making an investor presentation on Thursday, the Governor of the Central Bank and the Secretary to the …

IMF approves $3-billion bailout for Sri Lanka; tackling corruption a key condition
1 year, 9 months ago

IMF approves $3-billion bailout for Sri Lanka; tackling corruption a key condition

The Hindu  

The International Monetary Fund on March 20 cleared a $3 billion-Extended Fund Facility for Sri Lanka, potentially unlocking more loans for the debt-ridden island nation that is struggling to recover from last year’s economic meltdown. Identifying corruption as a key issue, an IMF “governance diagnostic mission” has started assessing Sri Lanka’s governance and anti-corruption framework in its first such exercise …

Sri Lanka seeks 10-year debt moratorium ahead of IMF bailout
1 year, 9 months ago

Sri Lanka seeks 10-year debt moratorium ahead of IMF bailout

The Hindu  

Cash-strapped Sri Lanka is seeking a 10-year moratorium on its foreign debt, President Ranil Wickremesinghe’s office said on March 20, 2023 on the eve of a desperately needed $2.9 billion IMF bailout. The IMF’s executive board was expected to sign off on Colombo’s bailout application later on Monday after a long delay in securing financial assurances from China, Sri Lanka’s …

Sri Lanka's crisis-hit economy shrank by record 7.8% last year
1 year, 9 months ago

Sri Lanka's crisis-hit economy shrank by record 7.8% last year

Firstpost  

An unprecedented economic crisis sparked huge protests in the island nation, culminating last July when a mob stormed the home of then-president Gotabaya Rajapaksa, forcing him to flee the country and resign Colombo, Sri Lanka: Sri Lanka’s crisis-hit economy shrank a record 7.8 per cent last year as long blackouts and critical fuel shortages put a chokehold on local commerce, …

The G20 could help fix Sri Lanka’s debt crisis. Will it step up?
1 year, 9 months ago

The G20 could help fix Sri Lanka’s debt crisis. Will it step up?

Al Jazeera  

The G20 includes Sri Lanka’s top lenders and powers with influence. If this group collaborated effectively, it could make debt relief available to Sri Lanka, and strengthen the protections of people’s economic and social rights during a moment of crisis. While IMF financing may be the reason Sri Lanka’s debt is in the news today, creditors should focus on resolving …

G20 agrees on debt relief
1 year, 9 months ago

G20 agrees on debt relief

Deccan Chronicle  

NEW DELHI: Despite having some differences over the wording of the Russia-Ukraine war in the summary after the first G20 meeting of the Finance Ministers and Central Bank Governors under India’s presidency, Union finance minister Nirmala Sitharaman on Sunday said that the G20 nations have agreed on language to deal with the debt vulnerabilities of developing countries. Vulnerable nations are …

India's G20 Summit: What Global Governance Dilemma Means for Modi's Leadership
1 year, 9 months ago

India's G20 Summit: What Global Governance Dilemma Means for Modi's Leadership

The Quint  

If the G20 finance ministers can break the deadlock, it could unlock restructurings in Sri Lanka and Zambia—those worst-affected by sovereign debt defaults, helping them with immediate aid while also renewing hope for other nations seeking desperate debt relief measures. A larger concern that stems from the gridlock seen in the way G20 functions is evident from the fact how …

Ukraine war is exacerbating fragilities in the global economy: G20 Ministers
1 year, 9 months ago

Ukraine war is exacerbating fragilities in the global economy: G20 Ministers

The Hindu  

At a meeting of G20 Finance Ministers and Central Bank Governors on Saturday in Bengaluru, most members called for a “complete and unconditional withdrawal” of the Russian forces from Ukrainian territory. “Most members strongly condemned the war in Ukraine and stressed that it is causing immense human suffering and exacerbating existing fragilities in the global economy — constraining growth, increasing …

Debt load may pose threat to nations: PM
1 year, 9 months ago

Debt load may pose threat to nations: PM

Live Mint  

Prime Minister Narendra Modi cautioned on Friday that unsustainable debt levels posed a threat to the financial stability of nations and called upon G20 finance ministers and central bank governors to work towards restoring stability, confidence, and growth to the global economy. International Monetary Fund managing director Kristalina Georgieva said on Thursday that the IMF, World Bank and India’s G20 …

India’s Modi asks G20 finance heads to focus on ‘most vulnerable’
1 year, 10 months ago

India’s Modi asks G20 finance heads to focus on ‘most vulnerable’

Al Jazeera  

Financial 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 …

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