Indian Prime Minister Narendra Modi stated that India has been greatly sensitive to the needs of Sri Lanka during the tough times faced by the island nation.
“We have also been greatly sensitive to the needs of our valued neighbour, Sri Lanka, during their tough times,” he said during an interview with the Indian news agency ‘PTI’.
The Indian PM also pointed out that the debt crisis is a matter of great concern for the world, especially developing countries, as India looks at building consensus at the upcoming G20 summit to evolve a tangible framework to help the debt-ridden low-income economies.
In an exclusive interview with PTI late last week, Modi said India’s G20 presidency has placed a significant emphasis on addressing the global challenges posed by debt vulnerabilities, especially for nations in the Global South.
“The debt crisis is indeed a matter of great concern for the world, especially developing countries. Citizens from different countries are keenly following the decisions being taken by governments in this regard. There are some appreciable results too,” Modi said.
“First, countries that are going through a debt crisis or have gone through one have begun to give greater importance to financial discipline,” Modi said.
“Second, others who have seen some countries facing tough times due to the debt crisis are conscious of avoiding the same missteps,” Modi said.
Under its G20 presidency, India has been consistently highlighting the need for a framework on debt restructuring to help countries facing mounting debt problems.
“To accelerate global debt restructuring efforts, the Global Sovereign Debt Roundtable, a joint initiative of the IMF, World Bank, and the G20 Presidency, was launched earlier this year. This will strengthen communication among key stakeholders and facilitate effective debt treatment,” he added.
Modi hoped that rising awareness among the people of different countries about the problem would ensure that such situations didn’t recur often.
