India’s Finance Minister, Nirmala Sitharaman, recently met with her Saudi Arabian counterpart, Mohammed Aljadaan, to discuss the global debt crisis and the G20 agenda. The meeting comes at a time when both countries are grappling with the economic fallout of the COVID-19 pandemic.
During the meeting, Sitharaman and Aljadaan discussed a wide range of issues, including the ongoing global debt crisis and its impact on the global economy. They also discussed the G20 agenda, and the need for coordinated action to address the economic challenges facing the world today.
The global debt crisis has been a major concern for policymakers around the world, as countries have been forced to take on more debt to finance their pandemic response efforts. According to the International Monetary Fund (IMF), global debt reached a record high of $281 trillion in 2020, up from $255 trillion in 2019.
The debt crisis has been particularly acute in emerging markets, where many countries have struggled to access the funding they need to support their economies. India and Saudi Arabia are both members of the G20, a group of the world’s largest economies, which has been working to address the debt crisis and other economic challenges facing the global economy.
During the meeting, Sitharaman and Aljadaan emphasized the need for coordinated action to address the economic challenges facing the world today. They discussed the importance of multilateral institutions like the IMF and the World Bank in supporting countries in need, and the need for greater cooperation between countries to promote economic growth and stability.
The two ministers also discussed the G20 agenda, and the need for the group to continue to play a leadership role in addressing the economic challenges facing the world today. The G20 has been at the forefront of the global response to the pandemic, with members working together to provide fiscal and monetary support to their economies.
India and Saudi Arabia have both taken significant steps to address the economic challenges posed by the pandemic. India has launched a series of measures to support its economy, including a $266 billion stimulus package, while Saudi Arabia has launched a $32 billion package to support businesses and households.
The two countries have also been working together to strengthen economic ties between them. Last year, Saudi Arabia’s Public Investment Fund (PIF) invested $1.3 billion in Indian digital services provider Jio Platforms, and the two countries have been exploring opportunities for further investment and collaboration in sectors like energy, infrastructure, and technology.
In a statement following the meeting, Sitharaman said, “I had a very productive meeting with my Saudi counterpart Mohammed Aljadaan. We had an in-depth discussion on a range of issues, including the ongoing global debt crisis and the G20 agenda. We both agreed on the need for coordinated action to address the economic challenges facing the world today, and the importance of multilateral institutions like the IMF and the World Bank in supporting countries in need.”
She added, “India and Saudi Arabia have a long-standing relationship, and we have been working together to strengthen economic ties between our two countries. I am confident that our partnership will continue to grow and flourish in the years ahead, as we work together to promote economic growth and stability in the region and around the world.”
The meeting between Sitharaman and Aljadaan comes as the global economy continues to face significant challenges posed by the COVID-19 pandemic. As countries work to recover from the economic fallout of the pandemic, cooperation and coordination between countries will be essential in promoting economic growth and stability, and addressing the challenges facing the global economy.
