Very strongly’ hope India’s G20 presidency will allow for creation of effective systems of debt restructuring: UN Chief Antonio Guterres

India will assume the Presidency of the G20 for one year from December 1, 2022 to November 30, 2023

United Nations: UN Secretary General Antonio Guterres has said he “very strongly” hopes that India’s G20 presidency will allow for the creation of effective systems of debt restructuring, warning that the developing countries are facing a “perfect storm” amid the impact of the pandemic and increased food and fuel prices due to the Ukraine conflict.

India will assume the Presidency of the G20 for one year from December 1, 2022 to November 30, 2023. Ahead of his three-day visit to India starting Tuesday, Guterres also said that he has been “very strongly advocating” for the need of reforms in “our international economic and financial system that was to a large extent built by the rich for the rich”.

“I very strongly hope that the presidency of India of the G20 will allow for the creation of effective systems of debt restructuring and debt relief for the possibility of multilateral development banks to be able to do concessional funding to middle income countries that are particularly vulnerable…to make sure that multilateral development banks assume a multiplying effect, which means mobilise through guarantees, accepting to be the first risk-takers,” Guterres said. “Developing countries are now facing a perfect storm,” the UN chief told PTI in an interview.