During the UN Security Council open debate, India called for transparent and equitable financing, warning of the dangers of unsustainable financing leading to a vicious debt trap. Advisor to the Permanent Mission of India to the United Nations, R. Madhu Sudan made the remarks on Monday during a debate on ‘Maintenance of International Peace and Security: Promoting Sustainable Peace through Common Development’ under China’s chairmanship of the 15-nation UN body. For November.
Madhu Sudan underlined the importance of addressing issues of resource scarcity for sustainable development, saying, “If resource scarcity persists then peace is elusive and development a distant dream,” news agency PTI reported. ” He said that India has also worked towards reforming international financial institutions during its current G20 presidency.
Highlighting the risks associated with unsustainable financing, Madhu Sudan said, “We must work on transparent and equitable financing and remain vigilant regarding the dangers of unsustainable financing, which leads to a vicious cycle of debt trap,” PTI reported. goes”.
In this context, he pointed to the struggles faced by the international community during the COVID pandemic and the rising inflation of essential commodities, which disproportionately affected the Global South.
In an apparent reference to China’s debt trap diplomacy, India has consistently urged nations to be wary of unviable projects or hidden agendas in unsustainable debt. At the 23rd Council of Ministers meeting of the Indian Ocean Rim Association, External Affairs Minister S Jaishankar, citing the case of Hambantota port, warned against hidden agendas in unviable projects or unsustainable debt.
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Security Council’s involvement in every aspect is not appropriate: India
Meanwhile, Madhu Sudan also highlighted the importance of reformed multilateralism for the United Nations in line with the aspirations and needs of the 21st century, “Peace, cooperation and multilateralism to build our collective future free from war, conflict, terrorism, space race It is necessary to choose.” and threats posed by new and emerging technologies, among other things.”
“Security is indeed multidimensional, but Security Council involvement in every aspect, including mandates for other UN bodies, cannot be appropriate,” he said as quoted by PTI.
Addressing the UN Security Council, Madhu Sudan noted the urgency of measures to reverse the trend of flailing on the Sustainable Development Goals (SDGs) and reaffirmed commitment to the Agenda 2030 for Sustainable Development.
The comments are consistent with India’s stance on global financial issues, sustainable development and the need for a reformed multilateral approach, reflecting concerns about the debt trap and the disproportionate impact of global challenges on the developing world.