Reforming international financial institutions has become critical in view of escalating global debt and sustainable development needs, Economic Affairs Secretary Ajay Seth said on Wednesday.
"Escalating global debt has been putting significant pressure on a number of low income and middle income countries having repercussions on the ability of these countries in improving their development outcome. The past gains in poverty reduction and development are reversing," he said, while a seminar on multilateral institutions for the 21st century.
The unmet financing needs for sustainable development goals are ballooning while the global challenges, such as those arising from climate change and the pandemic, are growing in urgency, scale and complexity, he said.
