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.”