G20 presidency: A driving force against global debt vulnerability
Tackling today’s debt crisis requires a collaborative effort that transcends the boundaries of debtor and creditor countries
Discussions on escalating global debt vulnerabilities have taken centre stage. Since 2000, global public debt has surged fivefold, and developing nations now bear nearly 30% of this burden. The most vulnerable are low and middle-income countries, juggling between servicing external debt and meeting critical domestic needs like food and fuel. The repercussions extend far beyond the economic realm, with this complex debt landscape intersecting with issues such as climate change to create a multifaceted crisis. Addressing this demands a coordinated but customized approach to debt restructuring tailored to the unique circumstances of each nation’s debt structure.