MUMBAI, Feb 24 (Reuters) – The monetary viability of many nations is being threatened by unsustainable debt, India’s Prime Minister Narendra Modi mentioned on Friday, as he referred to as for the Group of 20 (G20) to give attention to the world’s most susceptible residents.

Trust in worldwide monetary establishments has eroded, partly as a result of the lenders had been gradual to reform themselves, Modi mentioned in a video message at first of a two-day assembly of G20 finance ministers and central financial institution governors.

“Food and energy security have become major concerns across the world. Even the financial viability of many countries is threatened by unsustainable debt levels,” Modi mentioned.

The assembly at a hill resort on the outskirts of the tech hub of Bengaluru is the primary main occasion of India’s G20 presidency and coincided with the primary anniversary of Russia’s invasion of Ukraine, which Modi alluded to.

“We are also witnessing rising geo-political tensions in different parts of the world. There are disruptions in global supply chains. Many societies are suffering due to rising prices,” Modi mentioned in his tackle to delegates.

India’s presidency of the bloc comes as neighbouring South Asian nations Sri Lanka, Bangladesh and Pakistan have been looking for bailouts from the International Monetary Fund (IMF) attributable to an financial slowdown attributable to the COVID-19 pandemic and the Ukraine battle.

Reuters reported last week that India is drafting a proposal for G20 nations to assist debtor nations by asking lenders, together with China, the world’s largest sovereign creditor, to take a big haircut, or settle for losses, on loans.

Reporting by Swati Bhat and Shilpa Jamkhandikar; enhancing by Sudipto Ganguly, Robert Birsel

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