PM Modi Asks Group Of G20 To Focus On Unsustainable Debt

Trust in international financial institutions has eroded, partly as the lenders had been slow to reform themselves, PM Modi said in a video message at the beginning of a two-day meeting of G20 finance ministers and central bank governors.

"Food and energy security have become major concerns across the world. Even the financial viability of many countries is threatened by unsustainable debt levels," PM Modi said.

The meeting at a hill resort on the outskirts of Bengaluru is the first major event of India's G20 presidency and coincided with the first anniversary of Russia's invasion of Ukraine, which PM Modi alluded to.

"We are also observing rising geo-political tensions in different parts of the globe. There are issues in global supply chains. Many societies are suffering due to the rise in prices," Prime Minister Modi said in his address to delegates.

India's presidency of the bloc comes as South Asian countries like Sri Lanka, Bangladesh and Pakistan have been seeking bailouts from the International Monetary Fund due to an economic downfall caused by the Coronavirus pandemic and the Ukraine conflict.