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<p id="1"><strong>Mumbai: </strong>Kant said that China, a creditor to many countries, had refused to join hands with IMF and World Bank for a debt deal and said that it would negotiate with its debtors bilaterally.</p>
<p id="2">&ldquo;That is one of the biggest challenges the world faces today. If countries start failing on debt and their currencies start falling, there will be a huge cascading effect from all this,&rdquo; said Kant. He was responding to a question from the SBI chairman Dinesh Khara.</p>
<p id="3">Kant said that China&rsquo;s debt conditions were so opaque that some recipient countries were unaware of the conditions. In some cases the terms of the debt could not be shared with Parliament.</p>
<p id="5">Kant said that the IMF and the World Bank, designed for a post-World War world, need to change how they work. Given the capital requirement, should be providing credit enhancement and first loss guarantees so that nations can receive much larger funding.</p>
<p id="6">Speaking at the SBI Economic Conclave, Kant, who recently headed Niti Aayog, said all the regulators in the country need to act as development and change agents.</p>
<p id="8">On the G20 summit, Kant said there was a lot of focus on climate action and India&rsquo;s carbon contribution at 52 Giga tonnes was only 1.5% of the carbon space available. &ldquo;We are entitled to 17.5%. The challenge is for the world to grow in a sustainable manner, but to enable this the principle of just transition has to be accepted and the developed world has to finance the transition for developing countries,&rdquo; said Kant.</p>
<p id="9">He added that India must use this opportunity to technologically leapfrog and become a green economy. Bankers should finance companies that are going to go green and ensure that India makes this transition rapidly.</p>
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Kant: Debt risk rises as China doesn't play ball

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