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Rising Debt Affecting Low And Middle-income Countries: Union Minister

The two-day meeting of the first international financial architecture working group of G-20 was inaugurated in Chandigarh by Union Minister Narendra Singh Tomar and Food Processing Minister Pashupati Kumar Paras

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Countries most affected by rising debt, again are low-income countries and most are middle-income nations, said Minister of Food Processing Industries Pashupati Kumar Paras on Monday in Chandigarh.

The minister stated that this is important for low-income and developing countries, as they are the major beneficiaries of these resources.

“The working group can deliberate on how policy initiatives can address the worsening credit situation,” he stated.

The minister hoped that with a diverse array of eminent experts from around the world, the working group is better poised in coordinating the G-20 efforts towards developmental financing, supporting vulnerable countries and maintaining financial stability.

On India’s G-20 presidency, Paras said that it is our responsibility to advance progress and ensure that the international financial architecture is well-equipped to meet the acute challenges and provide maximum support to vulnerable groups, 

He said that we have to work together in one direction. 

Paras said that this working group is committed to meeting these challenges and in order to enhance their contribution to development financing towards meeting the development goals, this group may explore options to strengthen these organizations. 

“It is imperative to urgently identify such systems that enable the financial assistance provided by international financial institutions to be effectively responsive to the needs,” he added.