November 30, 2022
UN Seeks India's Support To Mobilize G20 Countries: Assist Debt-ridden Nations

UN Seeks India's Support To Mobilize G20 Countries: Assist Debt-ridden Nations

On Wednesday, the United Nations (UN) Secretary-General, António Manuel de Oliveira Guterres, urged India’s assistance to mobilize the intergovernmental forum, the G20 (Group of Twenty), to aid debt-ridden developing nations, because India’s 3 neighbouring countries have already applied for International Monetary Fund (IMF) loans while their economies are facing a lot of problems.

From the 1st of December, India will hold the G20 Presidency for one year in place of Indonesia. As attempts to revive from the economic hardship caused by the coronavirus outbreak are made more difficult by the ever-increasing prices of oil, India’s neighbouring countries, which includes the Democratic Socialist Republic of Sri Lanka, the Islamic Republic of Pakistan, and the People’s Republic of Bangladesh has recently applied for IMF loans.

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At the Indian Institute of Technology (IIT) Bombay, the UN Secretary-General said that he relies on India to help mobilize the G20 nations in relieving debt. The G20 Debt Service Suspension Initiative (DSSI) has to be expanded and extended because several developing nations are on the verge of debt trouble.

The Debt Service Suspension Initiative (DSSI), which started in May 2020 during the covid-19 pandemic, allowed almost 50 nations to postpone 12.9 Billion US Dollars in debt service payments until the close of the previous year.

According to the UN Chief, the economic, agricultural, and food sectors of India, as well as the lives, health, and livelihoods of 100s of millions of individuals, are already gravely threatened by the ongoing climate change. In some areas of the country, heat waves, floods, and droughts are already wreaking devastation. Without significantly more international climate action, these represent a preview of what is coming up. The G20 has to take the initiative in reducing emissions because they were to blame for about 80% of the world’s total emissions. He further stated that developed nations must also receive financial assistance from wealthy nations.

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