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.
Addressing the inaugural session of the first finance ministers and central bank governors meeting of the G20 under India's presidency, Modi also pressed for reforms at multilateral institutions, pointing out that the reluctance to make changes contributed to the erosion of trust in international financial institutions.
The statement comes a day after US treasury secretary Janet Yellen said that China's cooperation is needed to resolve debt in several distressed countries. She also highlighted the need to "provide debt treatment to Zambia and to commit to specific and credible financing assurances for Sri Lanka".
The International Monetary Fund has estimated that about 60% of low-income countries are in, or at high risk of, debt distress-double the 2015 level, and about 25% of emerging economies are at a "high risk" and are facing "default-like" borrowing spreads.
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