G20 Summit: ‘We should address the question of debt distress,’ says Nirmala Sitharaman
G20 Summit, Union Finance Minister Nirmala Sitharaman said that India given the consideration of things and developments across the world, addressing the question of debt distress is a must. Speaking in an exclusive interview with The Economic Times, Nirmala Sitharaman talked about the expected deliverables in the finance track. Sitharaman said, “Given the consideration of things and the developments across the world, we thought we should address this question of debt distress.
The World Bank and the IMF have their own ways of extending help to such states, but they consumed a lot of time in giving relief. So, all this was in our mind when we said we have to take up the issue of debt." Also Read: G20 presidency: A driving force against global debt vulnerability The Finance minister further noted that the 20th-century institutions were really not living up to the 21st-century challenges, hence reforms of MDBs (multilateral development banks). Third is about the global necessity for a globally understood regulatory framework for cryptocurrency or crypto assets.
The fourth one was digital public infrastructure." Earlier, speaking at the B20 Summit on August 27, Prime Minister Narendra Modi said that an integrated approach to deal with issues related to cryptocurrencies is needed. PM Modi asked business leaders to brainstorm on issues like cryptocurrency and Artificial Intelligence. He said a global framework is required for cryptocurrency.
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