UN Secretary General Calls On G20 Finance Ministers Meeting In India To Be Bold In Efforts To Reform Multilateral Development Banks

UN chief Antonio Guterres thinks India’s G20 Presidency is "very important" and calls on the grouping’s finance ministers, currently gathered in Bengaluru, to be "bold" in their efforts to reform the multilateral development banks and in finding solutions to pressing debt challenges, his spokesperson has said.

The remarks by Stephane Dujarric, Spokesman for Guterres, came in response to a question by PTI on the expectations of the Secretary-General from the G20 Finance Ministers meeting in India. India took over the G20 presidency on December 1. “We obviously… think India's presidency of G20 is very important and we look forward to it. I think for this particular meeting on the finance ministers, the Secretary-General calls on the G20 finance ministers to be bold in their efforts to reform the multilateral development banks and in the effort to find solutions to pressing debt challenges through the debt roundtable,” Dujarric said at the daily press briefing on Friday.

The First G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency, is taking place from February 24-25, in Bengaluru, Karnataka. It is being jointly chaired by Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das.

In a video message, Prime Minister Narendra Modi urged that the meeting’s discussions “should focus on the most vulnerable citizens of the world. “Only by creating an inclusive agenda will the global economic leadership win back the confidence of the world. The theme of our G20 Presidency also promotes this inclusive vision 'One Earth, One Family, One Future’,” Modi said on Friday.

He said the COVID pandemic has delivered a once-in-a-Century blow to the global economy and many countries, especially developing economies, are still coping with its after-effects. “We are also witnessing rising geo-political tensions in different parts of the world. There are disruptions in global supply chains. Many societies are suffering due to rising prices. And, food and energy security have become major concerns across the world,” he said.

Modi added that even the financial viability of many countries is threatened by unsustainable debt levels. The meeting is spread over three sessions, covering issues such as strengthening multilateral development banks to address shared global challenges of the 21st century, financing for resilient, inclusive and sustainable ‘cities of tomorrow’, and leveraging Digital Public Infrastructure (DPI) for advancing financial inclusion and productivity gains. The sessions will also cover issues related to the global economy, global health, and international taxation, a G20 press release had said.