Senior leaders from the Ministries of Finance and central banks among the G20 reaffirmed the urgency of addressing debt vulnerabilities in developing countries, calling for early and decisive action. The stance was presented in a statement released after a gathering held in Bangalore, India, and subsequently transmitted by TASS.
The document notes that debt pressures in low- and middle-income nations require prompt and coordinated responses. It emphasizes that both public lenders and private creditors must align their efforts to prevent further deterioration of debt situations across vulnerable economies. The message points to examples where debt management has been effective in the region and suggests that similar approaches be extended to countries such as Zambia and Ethiopia as part of a broader effort to stabilize debt dynamics.
Attention was also drawn to the need for a comprehensive approach to Sri Lanka’s debt challenges, recognizing that resolving such issues is essential for broader financial stability within the region.
In a related development, a February 24 update from the World Trade Organization highlighted that global trade remained resilient even amid ongoing operational pressures linked to the Ukraine conflict. The WTO report indicates that world merchandise trade growth surpassed its earlier projections, surpassing the 3% forecast and outpacing more pessimistic scenarios, underscoring continued strength in international commerce.