New Delhi. Union Finance Minister Nirmala Sitharaman on Thursday said that the recent geopolitical tensions and the pandemic have increased the insecurities related to global debt and if not addressed, could lead to a global recession. And can push millions of people into poverty. Addressing the ‘Voice of Global South’ summit through digital medium, Sitharaman said, India is keen to keep the vision of the Global South, which has been our co-traveller on the path of development for decades. He said that for decades, India has been at the forefront of development cooperation efforts in many areas through grants, credit facilities, technical consultancy, Indian technical and economic cooperation (ITEC). The Finance Minister said, we must find a mechanism so that the support provided by the multi-level development banks is tailored and complementary to the specific needs of the country. Sitharaman said that credit insecurity is rising globally and is posing the risk of a systemic global debt crisis. He said that this is due to the repayment of external debt and food and fuel… Continue reading Beware of global recession: Sitharaman
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