Antonio Guterres, the head of the UN, asked India for assistance on Wednesday in getting the G20 to support debt-ridden developing nations, as three of India’s neighbours have already applied for IMF loans due to their struggling economies.
From December 1 to December 31, India will hold the G20 presidency, replacing Indonesia. Due to the difficulty in recovering from the economic effects of the Covid-19 outbreak, India’s neighbors Sri Lanka, Pakistan, and Bangladesh have recently applied for IMF financing.
“I count on India’s support in mobilising G20 countries around debt relief,” Guterres told the students and faculty of the Indian Institute of Technology in Mumbai. “Many developing countries are at or near debt distress and require multilateral action, including the expansion and extension of the G20 Debt Service Suspension Initiative.”
The effort, which was started in May 2020 during the epidemic, allowed over 50 nations to postpone $12.9 billion in debt-service payments until the end of the previous year.
According to Guterres, the economy, agricultural, and food sectors of India as well as the health, lives, and livelihoods of hundreds of millions of people are all “already gravely threatened” by climate change.
In some areas of India, record-breaking heat waves, droughts, and floods are already wreaking havoc, he claimed. “Without significantly more global climate action, these are a foretaste of what is to come.”
According to him, the G20 countries are in charge of 80 percent of world emissions and must take the initiative to reduce them. He suggested that wealthy nations should contribute financially to aiding poorer nations.
When meeting with India’s foreign minister S. Jaishankar and prime minister Narendra Modi on Thursday, Guterres remarked, “I have called for coalitions of support around nations with ambitious ambitions to expedite the deployment of renewables, including India.”
Additionally, Guterres encouraged the nation to vehemently condemn hate speech, defend the freedoms and rights of journalists, human rights advocates, students, and intellectuals, and guarantee the independence of the judiciary.