Finance Minister Nirmala Sitharaman Debt Risks Can Trigger Global Recession | FM Nirmala Sitharaman: Finance Minister Nirmala Sitharaman said

Voice of Global South Summit 2023: Union Finance Minister Nirmala Sitharaman on Thursday expressed concern over global debt insecurities. Minister Sitharaman said that this system is posing the risk of Global Recession, in such a situation, there is a need to pay utmost attention to the issue of social dimension of development and the growing financial gap, which many countries of the world are facing. . It is known that India is hosting the two-day (12-13 January 2023) ‘Voice of Global South’ summit (Voice of Global South Summit 2023). The summit has provided a platform for developing countries to share their concerns in view of several global challenges, including food and energy security arising out of the Russia-Ukraine war.

Finance Minister expressed concern

Finance Minister Nirmala Sitharaman while addressing the summit through virtual medium said that India is keen to keep the vision of the Global South which has been our partner on the path of development for decades. He said that for many decades, India has been at the forefront of development cooperation efforts in many areas through grants, loan facilities, technical consultancy, Indian Technical and Economic Cooperation (ITEC). He said that we should find mechanisms by which the support provided by the multi-level development banks is commensurate with and complementary to the specific needs of the country.

Debt increased globally

Minister Sitharaman said that the situation of debt-related insecurities is increasing at the global level and is posing the risk of a systemic global debt crisis. This is evident from economies torn between servicing external debt and meeting essential domestic needs such as food and fuel, he said. The Finance Minister said that there is a need to focus on the social dimension of development and the growing financial gap that many countries are facing in achieving the Sustainable Development Goals (SDGs).

Development cooperation projects became ideal

Minister Sitharaman said that our development cooperation projects are becoming a model for knowledge sharing and capacity building with other countries of the Global South. Finance Minister Sitharaman said this while addressing the session “Financing People Centric Development” in this summit. The main focus of this session is on how to finance development, how to avoid the debt trap and how to structure our development assistance and ensure financial inclusion.

PM expressed concern

At the same time, Prime Minister Narendra Modi, while addressing the ‘Voice of Global South’ summit digitally, discussed the rising prices of food, fuel and fertilizers, the economic effects of the Kovid-19 global pandemic as well as climate change. Concern has also been expressed over the natural calamities arising out of

two day summit

India is hosting the two-day ‘Voice of Global South’ summit on January 12-13. In this conference, developing countries are sharing their concerns in view of many global challenges including food and energy security arising due to Ukraine conflict. The ‘Global South’ broadly refers to the developing countries and emerging economies of Asia, Africa and South America.

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