Takeaways from Global South Summit: Avoiding debt traps, push for stronger voice in global governance

News Snapshot:

During a special media briefing, foreign secretary Vinay Kwatra said, “Debt burden came across strongly in multiple sessions, including the leaders’, finance, foreign ministers’ sessions. The thrust of most interventions was that we are facing strong headwinds of economic challenges due to global uncertainties.” Making a veiled reference to China and its Belt and Road Initiative (BRI), which many observe has caused debt traps in numerous countries, the summit called for more sustainable and viable development financing. New Delhi: The second Voice of Global South Summit (VOGSS), held virtually Friday, saw about 130 countries “strongly agreeing” that they must steer...