PM Modi flags high debt in developing nations, asks G20 to focus on most vulnerable citizens

Prime Minister Narendra Modi on Friday flagged the threat of unsustainable debt facing some developing nations as he called upon the Group of 20 (G20) nations to focus on the world’s most vulnerable citizens.

Trust in international financial institutions has eroded partly because they have been slow to reform themselves, he said in a video message at the start of the two-day meeting of G20 finance ministers and central bank governors.

He referred to rising geopolitical tensions in different parts of the world but did not make any direct reference to the war in Ukraine.