Despite global tensions over China’s rising global role and Russia’s invasion of Ukraine, major economies must unite on finding solutions to the debt crisis plaguing dozens of low- and middle-income countries, India’s finance minister said Monday.
“Yes, I have hope,” Nirmala Sitharaman said when asked whether there will be progress on debt restructuring talks this week during the pivotal World Bank-International Monetary Fund Spring Meetings in Washington, D.C.
Why it matters: India holds the presidency of the Group of 20 bloc of major economies this year, giving it a key leadership role as it grabs the spotlight on the global stage. Sitharaman sees not only a growing economic crisis in a large number of low-income nations but also middle-income countries now facing “collapse.”
About the author
Shabtai Gold
Shabtai Gold is a Senior Reporter based in Washington. He covers multilateral development banks, with a focus on the World Bank, along with trends in development finance. Prior to Devex, he worked for the German Press Agency, dpa, for more than a decade, with stints in Africa, Europe, and the Middle East, before relocating to Washington to cover politics and business.
