Bengaluru: Finance Minister Nirmala Sitharaman on Friday highlighted that rising debt vulnerabilities in many developing countries and sought views from G20 member nations on 'multilateral coordination' for managing the burden.
Speaking at inaugural session of the G20 finance ministers and central bank governors (FMCBG) meeting, Sitharaman also sought views on how multilateral development banks, like the IMF and World Bank, can be strengthened to address shared global challenges of the 21st century, while maintaining a focus on Sustainable Development Goals (SDGs) and poverty eradication.
The discussions of the first session of G20 FMCBG meeting focused on issues relating to international financial architecture, sustainable finance and infrastructure.
In her speech, Sitharaman also invited views of the G20 nations on policy initiatives that can be instrumental in enabling financing for SDGs and ways for mobilisation of timely and adequate resources for climate finance.
The minister also spoke about India's priority of financing cities of tomorrow and sought to explore the views of the 20 developed and developing economies on domestic policy experiences with respect to financing inclusive, resilient and sustainable cities of tomorrow.
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