Sitharaman calls for debt restructuring to address global crisis

New Delhi — Union Finance Minister Nirmala Sitharaman has strongly called for timely debt restructuring as a solution to global debt crisis.

She made the remark on the first day of the G20 Finance Ministers Central Bank Governors (FMCBG) meeting, which commenced in Washington D.C. on Wednesday.

Debt restructuring can be a solution to the global debt crisis, as it is closely intertwined with addressing global poverty challenge, the Union Minister said, noting that it adversely affects the most indebted countries as they also house the poorest people.

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She co-chaired the session on "Global Economy and International Financial Architecture" during the IMF-WB Spring meetings with RBI governor Shaktikanta Das, which discussed key challenges to the global economic outlook and explored possible areas of policy co-ordination on pressing global issues.

It also exchanged views on accelerating progress on deliverables envisioned during India's G20 presidency.

Sitharaman also discussed progress on the agenda of strengthening multilateral development banks (MDBs), including hearing from MDBs on implementation of recommendations of capital adequacy framework review panel.

She also sought G20 members' views on the way forward for the expert group on strengthening MDBs set up by India's G20 presidency.

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