Need to address growing debt distress across the globe, says FM Sitharaman

Washington: Finance Minister Nirmala Sitharaman said on Wednesday that there is a need to augment present global efforts, including those of the G-20 to address growing debt distress across the globe, as she stressed on debt transparency and information-sharing on this issue.

Sitharaman made the remarks at a Global Sovereign Debt Roundtable meeting which was also attended by IMF Managing Director Kristalina Georgieva and World Bank President David Malpass on the sidelines of the Spring Meetings 2023.

“As a priority for the #G-20 India Presidency, FM Sitharaman said that there is need to augment present global efforts, including those of the #G20 to address growing debt distress across the globe,” the finance ministry said in a tweet.

Sitharaman also stressed on debt transparency and information-sharing and clarity on the comparability of treatment, predictability and timeliness of the debt restructuring process, including a way to assess and enforce and the timelines for the steps involved in debt restructuring, the ministry said in another tweet.